On tie : troika

On box : austerity package

11,6 billion ...

Going once...!

Going twice!

Going three times!

Begun this summer, negotiations between the Greek government and the EU-ECB-IMF troika, which represents the country's creditors, have entered their final phase. Athens must reduce its deficit by 11.6 billion euros in 2014 in exchange for continued international financial assistance. Austerity measures to be approved by the troika include public sector wage cuts, lower pensions, and the possibly raising of retirement age from 65 to 67.