- Troika
The international creditors will offer a helping hand for struggling Greece once again, as the nation's government reached a deal with troika over a staff-reduction plan, which is a key aspect of the country securing funding. The European Commission, European Central Bank and the International Monetary Fund, known as troika, had concluded their latest review of the Greek economic programme, citing important progress, referring to reforms implemented in the tax system as well as the recapitalization of Greek banks. Greece will receive another tranche of 6.8 billion euros.
After months of negotiations, Greece and its creditors agreed to put 12,500 civil servants into a so-called mobility programme, under which staff will receive a reduced wage during several months, and later will be moved to another public sector post or even dismissed. Athens also pledged to fire a total of 15,000 civil servants by the end of 2014.
In a separate report German Federal Statistics Office, Destatis, said that German industrial production dropped on a monthly basis in May, compared with a 1.8% gain in April. On an annual basis production retreated 1%, from a downwardly revised 0.9% annual increase in April.
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