ATHENS, Greece – Greece will start talks on a technical level with its international creditors over a new bailout on Tuesday, a government official said in Athens Saturday.
The talks had first been expected to start last Friday, and then Monday. The delay until Tuesday was “neither political nor diplomatic” in nature, a finance ministry official said on the condition of anonymity.
Mission chiefs are expected one or two days after the technical talks begin, the official said.
Representatives of the European Commission, European Central Bank, International Monetary Fund and possibly the European Stability Mechanism are expected to attend.
The talks – aimed at securing international financing of up to $94 billion – are to go ahead after the Greek Parliament passed two reform packages that were part of the conditions agreed on July 13 in Brussels.
The Greek government has said it intends to conclude negotiations with creditors over the new bailout by Aug. 18, two days before the next payment of $3.5 billion to the ECB comes due.
The Greek central bank and Finance Ministry eased capital restrictions in place since June 29, making it possible for businesses to make payments abroad and raising the amount of cash that Greeks can travel with, from 1,000 euros per trip to 2,000 euros.
It also allowed shipping companies to withdraw up to 50,000 euros per day.
The Bank of Greece raised the limit on foreign money transfers on businesses from 50,000 to 100,000 euros. Under capital controls, businesses had to seek approval from a board to make transfers above the limit.
Yannis Stournaras, the head of the Bank of Greece, said the changes will cover 70 per cent of transactions.
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