Greece to resume bailout talks with troika of lenders

Greece is set to resume negotiations with its three international lenders over the cash-strapped European country’s austerity plans.

The talks are to begin in the Greek capital of Athens later on Monday between Greek officials and representatives from the troika – the European Commission, European Central Bank and International Monetary Fund (IMF).

Greece aims to receive positive feedback from the international lenders in order for a next payment of bailout loans to be released.

Negotiations between the two sides have been suspended since last September on a number of issues, including the size of this year’s projected fiscal gap and spending cuts.

Greece has been dependent on bailout funds from international rescue loans approved by the troika since May 2010.

The country has received 240 billion euros (330 billion dollars) in international loans. In exchange for the funds, the Greek government has implemented extensive cuts in public spending and imposed harsh austerity measures.

The current bailout program is due to end this year; however, there have been speculations that Athens will need a third rescue package.

The country has been at the epicenter of the eurozone’s debt crisis and is experiencing its seventh year of recession, Greece’s harsh austerity measures have left about half a million people without jobs.

One in every four Greek workers is currently unemployed; banks are in a shaky position, and pensions and salaries have been slashed by about 40 percent.