Representatives of Greece's creditors will head to Athens shortly to begin talks on a mammoth new C.
'The teams will arrive in Athens on Monday and meetings will begin immediately,' a spokesman for the European Commission said on Sunday.
The European Union, International Monetary Fund and European Central Bank make up the so-called 'troika' of Greece's creditors. Those three organizations will be joined by a fourth negotiator, the European Stability Mechanism to begin discussions on a third bailout package for Greece worth up to €86 billion over three years.
The European Commission spokesman did not say whether the teams arriving on Monday would be composed only of technical experts, or would also include heads of missions from the four organizations.
The news came after the leftist-dominated Greek parliament approved two sets of tough reform and austerity conditions that creditors had insisted on — the first introduced sweeping sales tax increases, the second concerned judicial and banking reforms.
After assuming office, Greek Prime Minister Alexis Tsipras declared that the "troika" was finished, and refused to let representatives from the European Commission, European Central Bank and International Monetary Fund negotiators into Greek ministry buildings, insisting instead on discreet meetings in Athens hotels, and talks in Brussels.
Now, the ministry inspections look set to start again but the date and venue of the talks remain uncertain.
A Greek government source said on Saturday that the talks would not begin until Tuesday.
Athens and Brussels hope the terms of the new bailout can be finalized before August 20, when Athens is scheduled to make a loan repayment of €3.2 billion to the ECB that it cannot currently afford, followed by a payment of €1.5 billion to the IMF in September.
If talks do not resume by August Greece will need bridge financing from the European Financial Stability Mechanism (EFSM). In order to get the money Greece should pass more austerity measures demanded by its creditors something that could further destabilize Tsipras's fragile coalition.