Time-Out in Greek Bailout Talks

The 'troika' of international creditors called time out Friday on lengthy bailout negotiations with the Greek government, pending further consultations.

"The discussions since the beginning of September have been very intense," Simon O'Connor, spokesman for EU Economic Affairs Commissioner Olli Rehn told a regular news conference, saying negotiators were "leaving this weekend" and "returning in about a week.

"The mission has had very productive discussions with the authorities," O'Connor said, stressing that "very substantive progress has been made on complying with the adjustment programme."

He said contacts would continue "at all levels" over the weekend.

"I'm sure they will be brought to a swift conclusion when they return," O'Connor added.

The negotiations cover measures to come into effect in 2013 and 2014 under the terms of the latest Greek bailout package and have been interrupted twice previously to allow additional consultations.

A source from the Greek finance ministry told Agence France Presse earlier that Finance Minister Yannis Stournaras was hoping to finalise negotiations on fresh austerity measures with international lenders on Friday.

"There are serious possibilities that the plan would be finalised today, if not 100 percent of it, at least 95 percent," the source told AFP.

The 'troika' team of officials from the European Commission, European Central Bank and the International Monetary Fund was due to leave Athens on Saturday.