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Talks on Greek bailout review to resume early April

Xinhua, March 21, 2016 Adjust font size:

Negotiations between the Greek government and international creditors over the first review of Greece's third bailout program paused on Sunday and will be resumed on April 4, after the Catholic Easter holidays, Greek Labor Minister Yorgos Katrougalos said.

Both Katrougalos and Finance Minister Euclid Tsakalotos appeared satisfied over the progress achieved in the past two weeks speaking to Greek national news agency AMNA on Sunday, after the last meeting with foreign officials for this round.

Nevertheless, the Greek ministers stressed that there was still significant ground to cover before a deal is reached on the next wave of austerity and reform measures Athens needs to implement in exchange of further rescue loans this spring and the start of the much delayed dialogue on debt relief.

According to the Greek side, there has been some convergence in relation to income tax reform and the pension system reform, but there are still major differences needed to be dealt with.

Another thorny issue on the agenda of discussions between the Greek government and representatives of lenders was the sale of non performing loans.

Regarding the pension system overhaul plans which have sparked strong reactions by many professional groups in recent months, Katrougalos insisted on Sunday that there will be no further cuts on main pensions.

According to Greek government sources, Athens' proposal to increase contributions to social security funds to ensure the sustainability of the ailing pension system rather than slashing pensions for the 12th time in the past six years was still not welcome by creditors.

Concerning taxation the lenders push for further reduction of the tax free thresholds and stricter penalties for tax evaders, while regarding "red loans" they opt for the sale of all such loans to foreign distress funds. The Left-led government argues against foreclosures of main residences.

The government's goal is to have bridged differences on all pending issues by April 11, when the next Euro Working Group convenes, Katrougalos said on Sunday. Endit