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Jose Manuel Barroso set for Greece economy talks Jose Manuel Barroso wants Greece action
(about 3 hours later)
European Commission President Jose Manuel Barroso has arrived in Athens for talks amid concern over whether Greece has done enough to get its next tranche of bailout loans. European Commission President Jose Manuel Barroso has told the Greek government to "deliver, deliver, deliver" key structural reforms.
It is his first visit for three years and he is expected to say the EU wants Greece to stay in the eurozone. On his first visit to Athens for three years, he said delays had to end and words were not enough: "actions are much more important."
But there will be tough talking behind the scenes, analysts say. Greece has pledged to reform its public sector and cut tax evasion in return for the next tranche of bailout loans.
One of Greece's chief lenders, the IMF, has said talks on its ongoing austerity measures will run into September. Auditors must decide whether Athens has done enough to receive the money.
After months of political deadlock and two general elections earlier this year, Greece has been struggling to meet the economic targets it accepted as a condition of its bailouts. Mr Barroso's arrival in Athens coincided with a visit by inspectors from the so-called troika of lenders - the EU, IMF and European Central Bank (ECB) - who are due to examine Greece's public finances. They held two hours of talks with Finance Minister Yannis Stournaras.
Auditors are trying to work out whether or not Greece has done enough to receive its next tranche of loan money. The head of the ECB, Mario Draghi, said on Thursday that the bank would do "whatever it takes" to support the euro.
In another development, European Central Bank (ECB) chief Mario Draghi said the bank would do "whatever it takes" to support the euro. But after months of political deadlock and two general elections earlier this year, Greece has been struggling to meet the economic targets it accepted as a condition of its bailouts.
Shrinking economy Crisis jargon buster Use the dropdown for easy-to-understand explanations of key financial terms:
AAA-rating The best credit rating that can be given to a borrower's debts, indicating that the risk of borrowing defaulting is minuscule. Glossary in full		Shrinking economy Crisis jargon buster Use the dropdown for easy-to-understand explanations of key financial terms:
AAA-rating The best credit rating that can be given to a borrower's debts, indicating that the risk of borrowing defaulting is minuscule. Glossary in full
Greece was due to give the troika details of a plan to reduce public spending over the next two years by 11.7bn euros, reports said.
The European Commission says the country's financing needs will be met in August but a decision on further payments will have to be made in early September.The European Commission says the country's financing needs will be met in August but a decision on further payments will have to be made in early September.
Without sufficient progress, it may not receive the final part of its bailout, worth 31.5bn euros ($38bn; £24.5bn). After talks with Greek PM Antonis Samaras, Mr Barroso said he had been assured that the new coalition government would "speed up" reforms such as privatisation and changes to public administration.
"To maintain the trust of European and international partners the delays must end," he said.
One of Greece's biggest lenders, the IMF, has said talks on its ongoing austerity measures will run into September.
IMF spokesman David Hawley said in Washington that it was "premature to talk about outcomes". "Assessing debt sustainability is always part of IMF discussions with authorities in this or any other country when there is a programme relationship."
Without sufficient progress, Athens may not receive the final part of its bailout, worth 31.5bn euros ($38bn; £24.5bn).
Earlier in the week, Prime Minister Antonis Samaras said Greece would suffer a much deeper recession than thought this year.Earlier in the week, Prime Minister Antonis Samaras said Greece would suffer a much deeper recession than thought this year.
He expects the economy to shrink by 7%, greater than the 5% forecast by the crisis-hit country's central bank.He expects the economy to shrink by 7%, greater than the 5% forecast by the crisis-hit country's central bank.
Mr Samaras said Greece would not return to growth until 2014 and he is expected to ask for more time to repay its loans.Mr Samaras said Greece would not return to growth until 2014 and he is expected to ask for more time to repay its loans.
A delegation representing Greece's troika of lenders - the IMF, the EU and the ECB - held more than two hours of talks in Athens with Finance Minister Yannis Stournaras.
IMF spokesman David Hawley said in Washington that these were the first "substantive" discussions with the new government.
"It is premature to talk about outcomes," he added. "Assessing debt sustainability is always part of IMF discussions with authorities in this or any other country when there is a programme relationship."
'Regular meeting'
Mr Barroso is due to meet Mr Samaras later on Thursday.
BBC Europe correspondent Chris Morris says Mr Barroso's visit is overdue, as Greeks often complain about European political leaders who spend plenty of time talking about them, and not much talking to them.
The Commission president is unlikely to be out and about shaking hands, but at least he will be in Athens to speak directly to the Greek people, our correspondent says.
Mr Barroso's spokesman said the purpose of his visit was "to meet Mr Samaras and discuss the overall economic situation in Europe and in particular in Greece".
He said it was "a regular meeting" and that the preparation for the talks had been "under discussion for some time".