IMF: Greece-Troika Bailout Talks Stalled

German Chancellor Angela Merkel (R) takes part in a press conference with Director of the International Monetary Fund (IMF) Christine Lagarde (L) after a meeting in Berlin, Germany, 30 October 2012. EPA/BGNES

The talks between Greece and the troika of international lenders remained stuck on the conditions for financing the country as it seeks a two-year extension for meeting fiscal goals, the IMF announced Thursday.

While Athens has made "good progress" on fiscal and structural reforms, IMF spokesman Gerry Rice said, "an understanding must also be reached between Greece and its creditors on financing terms consistent with debt sustainability", as cited by international media.

Greece, the IMF, the European Union and the European Central Bank have been locked in discussions for weeks on revising terms for the country's bailout after it fell short of targets which needed to be met for the release of the next installment of funds from the three lenders.

Athens has asked for the fiscal targets to be pushed back another two years, to give it more room to reignite economic growth after a crushing austerity program sent it into deeper recession than the lenders had expected.

Greek Prime Minister Antonis Samaras has said the coffers in Athens will run dry on November 16 unless his country receives the next EUR 31.2 B in rescue funding.

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