Greek bailout talks to start on Monday after delay

But a European source said it was not yet confirmed that the talks would begin Friday, adding that at most “only a few people” from the so-called troika of creditors would arrive before the weekend.

Greek government officials had said this week that the talks on the third bailout programme worth up to 86 billion euros ($94 billion) would start in Athens on Friday after negotiations had previously been held in Brussels – away from the public glare. Finance Minister Euclid Tsakalotos told lawmakers Greece had agreed with its lenders to deal with these issues during bailout talks.

The letter said Athens believes that it will take “several quarters” before the Greek economy faces up to its challenges.

A full agreement must be reached in time for Greece to get the cash to make another big debt payment to the European Central Bank on August 20.

As dawn neared on Thursday, the Greek parliament passed legislation on changes to the civil justice system, a bank deposit protection scheme and measures to shore up the liquidity of Greece’s banks – reforms that had to pass if Athens was to move forward in the negotiations with its creditors.

Greece’s five-year financial crisis took a dramatic turn for the worse this summer, after talks between its radical left-led government elected in January and the country’s creditors almost collapsed amid sharp disagreements over the reforms required in return for the rescue loans.

The extent of the IMF’s future participation is also still unclear once its current program expires next year.

“We expect that the institutions, including the ESM, will travel to Athens in the coming days”, a European Commission spokeswoman said.

Denouncing the bailout, Syriza hardliner Rudi Rinaldi resigned from the part’s 13-member political committee, saying loading more austerity on to the stricken Greek economy would pile on more hardship but not keep the country in the euro.

Discussions over the details of the bailout, which will involve economic targets as well as potential debt relief for Greece, should begin “as swiftly as possible”, according to the European Commission.

A first set of reforms that focused largely on tax hikes and budget discipline triggered a rebellion in Syriza last week and passed only thanks to votes from pro-EU opposition parties. The Independent commented, “Those negotiations will be tough”.

“Greece is a safe country”, Gerovasili said.

While the official start of the bailout talks was being awaited, top banking and finance ministry officials met with business leaders Friday to discuss ways of easing financial transactions following the imposition of capital controls last month.

Greek banks are now open after weeks of being closed, but cash withdrawals are limited to 60 euros per day, or about $65. “We are trying to bring the situation back to some sort of normality”, she said.

Two blocks away from the fix shop, hardware store owner Costas Kitsos says sales have plummeted since capital controls were imposed on June 29. Mardas said authorities are looking at ways of dealing with that issue and decisions will be announced soon.