Labor talks in Greece as debt deals near

2 weeks 6 days ago
Thu, 2012-02-02 05:28

Unions and employers are to resume talks in Greece as the country scrambles to push through more cost-cutting reforms and conclude massive debt deals with private and rescue creditors.

The talks are due to start at 2:00 p.m. (1200GMT) Thursday, with debt inspectors from the European Union and International Monetary Fund pressing Greece to slash labor costs in the private sector.

Greece is hoping to clinch an agreement for a second bailout worth ?130 billion ($172 billion) in the coming days with eurozone countries and the IMF, and a related deal with private creditors to write off ?100 billion from the national debt.

Without those agreements, Greece faces bankruptcy next month as it is unable to cover a ?14.5 billion bond repayment due on March 20.