EU-IMF debt inspectors in Athens delay talks on reforming Greece's labour market

Page last updated at 05:14 GMT, Tuesday, January 31, 2012 - 10:14 EST

CanadianBusiness.com:

A man takes away food distributed by a Greek humanitarian group in central Athens on Monday, Jan. 30, 2012.

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International debt inspectors have delayed a meeting with the Greek government to discuss ways of reducing employment costs — a key sticking point in negotiations between the struggling eurozone country and its rescue creditors.

The Labor Ministry said the inspectors from the European Union and International Monetary Fund have called off a meeting planned for Tuesday and will hold it later in the week.

Greece's unions, employers and political parties have all opposed suggestions that employment costs could be cut by slashing the minimum wage and private sector pay.

Labour reforms are part of pressing negotiations between Greece and rescue creditors to finalize a second bailout loan agreement, worth €130 billion ($170 billion).

That deal is closely linked to ongoing talks with private creditors to slash €100 billion off Greece's national debt in exchange for cash payments and new bonds with longer maturities.

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