Greek delegation and Troika of creditors discuss future of bailout program in Paris

Athens, 25 November 2014 (MIA) - Greek Government delegation left for Paris on Tuesday for two days of meetings with international creditors to discuss the disagreement between the two sides over the future of the bankrupt Greece's bailout program. The bailout program paid for by the European Union, European Central Bank and the International Monetary Fund, that comes with cost cutting and reform conditions, expires on December 31 and while the Greek Government is eager to leave the program, political instability in the country has caused interest rates on its debt to spike again, MIA correspondent in Athens reports.

Greek media close to the New Democracy party of Prime Minister Andonis Samaras say that a break-through in the talks in Paris might bring the Troika representatives back to Athens to continue their talks. Samaras and his Social-Democrat coalition partner Evangelos Venizelos met on Monday evening to finalize Greece's positions in the talks with the Troika.

Mina Andreeva, European Commission spokesperson, says that the focus is not what Greece and the Troika will do in 2015, but reviewing current progress.

"Both sides need to continue to work together to complete the review", Andreeva said, with Troika sources adding that it is hard the two sides will agree on a joint review by the end of 2014.

The Troika suggests that Greece will need the 145 billion EUR program to continue in 2015 as well. Greece last week submitted its 2015 budget to Parliament without prior signoff from its international creditors, who argue that the Mediterranean country needs to secure additional savings of as much as 2,5 billion EUR to reach its commitment for a primary budget surplus - budget deficit measured putting aside the money needed to repay debts interest - of 3 percent of gross domestic product.