Creditors to assess Greek progress on debt reduction

  • Representatives from the troika of international lenders have arrived in Greece to assess its progress towards reducing its debts.

    They must decide whether the country is eligible to receive $38.1 billion, the final instalment of a $158 billion aid package agreed in March.

    The International Monetary Fund, European Central Bank and European Commission make up the troika.

    Athens is currently behind in its plans to lower spending and debt because its economy is shrinking faster than previously forecast.

    The government is expected to ask for more time to repay its loans.

    Under the terms of its agreement with the troika, Greece has vowed to cut its total debt to 120 percent of GDP by 2020.

    At the end of last year, Greece's overspend was equivalent to 9 percent of GDP in 2011.