The Straits Times
Published on Sep 08, 2012

Greece called on to produce results as auditors arrive


ATHENS (AFP) - European Union (EU) President Herman Van Rompuy warned Greece on Friday that it needs to produce results as bailout auditors arrived on a mission that will determine whether Athens gets extra time to make spending cuts in return for badly needed loans.

Amid growing exasperation from Greeks about having to accept cuts upon cuts as they struggle through a fifth year of recession, Van Rompuy warned that Greece must deliver on promised fiscal and reform results to obtain further support.

If "Greece stays fully committed to these objectives and delivers results, European institutions and even every state will remain committed" to helping Greece, he said.

A favourable assessment from the auditors from the so-called troika of creditors - the International Monetary Fund (IMF), EU and European Central Bank - is necessary for the release of a 31.5 billion euro (S$48.7billion) loan installment.