ATHENS, Greece — Greece resumed talks with its international debt inspectors Tuesday, facing a race against the clock to avoid becoming the first country that uses the euro to default on its debts and potentially trigger a chain reaction that could ultimately destroy the European single currency itself.
The debt inspectors from the International Monetary Fund, Central Bank and the European Commission — whose mission chiefs are expected in Athens on Friday after technical teams lay the groundwork — face a massive task. They have to once again find more ways to cut spending and raise revenue in a country that is increasingly seen as immune to fundamental reforms.
Apart from identifying financial shortfalls produced since their last visit in December, they also have to set up a detailed policy and spending program for the next two years if Athens wants to have a chance at securing an extra $166 billion in rescue loans.
Those loans were promised in October, after it became clear that a first $140 billion bailout granted in May 2010 was not enough to buffer a Greek economy in freefall.
