June 8, 2011 / 4:46 PM / 8 years ago

Exclusive: Troika says Greek aid hinges on new financing plan

A Greek Orthodox priest and protesters shout and raise their hands in front of the parliament during a rally against a new austerity package at Constitution (Syntagma) square in Athens June 7, 2011. The IMF is open to delaying Greece's repayment of its international bailout deal but a major restructuring of its debt would create untold problems in the euro zone, an IMF official said on Tuesday. REUTERS/Pascal Rossignol

BERLIN (Reuters) - The EU, ECB and IMF mission to Greece said in a report obtained by Reuters on Wednesday that the next disbursement of Greek aid could not take place until it corrected the under-financing in its adjustment program.

The long-awaited report by the so-called “troika” said Greece risked missing its deficit targets without further consolidation measures and that its recession appeared to be longer and deeper than initially expected.

“The financing strategy needs to be revised. Given the remoteness of Greece returning to funding markets in 2012, the adjustment program is now under financed,” it said. “The next disbursement cannot take place before this under financing is resolved.”

The troika said a privatization agency with an independent board, to which the European Commission and euro zone member countries could nominate members, would be set up shortly.

Reporting by Andreas Rinke

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