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Security issues delay new Greek talks

Friday, July 24, 2015 - 01:38

No date has been set for the beginning of formal talks on a new rescue program for Greece because international creditors are still looking for a secure place to hold negotiations in Athens. Ciara Lee reports.

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Another attempt at returning to normality - Greece's central bank says restrictions imposed on foreign transfers for businesses have been loosened. It may be a step in the right direction but Greece is a long way from a solution to its problems. Formal talks with creditors over a bailout of up to 86 billion euros have been put on ice because lenders are still looking for a secure place to hold talks in Athens. Due to start on Friday, they are concerned about the sensitivity of the talks and the fact that many Greeks detest the lenders after two painful bailouts. Even once negotiations begin, there will likely be a number of challenges, including the key sticking point of debt relief. London Capital Group's Brenda Kelly. (SOUNDBITE) (English) HEAD ANALYST AT LONDON CAPITAL GROUP, BRENDA KELLY, SAYING: "It's going to be a little bit of a face-off between Angela Merkel and of course her finance minister, and the IMF, as to whether or not we can see proper debt relief. Obviously within the euro zone that is deemed to be illegal but I think changing of maturity dates and extensions of some of the debt will make it better and make it easier for Greece to be able to toe the line to these reforms." And those reforms are heavy. Greek Prime Minister Alexis Tsipras is facing fierce anti-austerity opposition within the Greek government and public. Lawmakers adopted a second package of reforms this week. But the new talks are expected to tackle further measures including early retirement and a lower tax rate for farmers A deal on a new bailout program needs to be reached by August 20th when Greece is due to pay 3.4 billion euros to the ECB.

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Security issues delay new Greek talks

Friday, July 24, 2015 - 01:38