August 12, 2015 / 11:14 AM / 4 years ago

Greek bailout deal will be get first review in October - EU sources

BRUSSELS (Reuters) - Greece’s implementation of reforms tied to its latest bailout will be reviewed by lenders in October and any discussion of debt relief will come at a later stage, EU sources said on Wednesday.

“There will be a strong first review of the implementation of measures in October,” one source said.

The source said the deal addressed the “shortcomings of the Greek business model”, referring to the view that the structure of the economy needed to be modernised.

“There is a careful balance between measures that support growth and those for fiscal adjustment.

“The uncertainty about economic development in Greece is an important element in the package,” the source said.

Negotiations, which concluded this week after months of often acrimonious exchanges, had undergone a “sea change” following the replacement of abrasive finance minister Yanis Varoufakis with Euclid Tsakalotos last month.

“The new Greek finance minister has an absolutely different attitude in the talks than the previous one. Talks were very constructive” a second EU source said.

Writing by Jeremy Gaunt; Editing by Alison Williams and Giles Elgood

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