Greece's international creditors are criticizing the country's handling of reforms promised in return for a ¤110 billion ($161 billion) bailout and warn that the next loan installment cannot be paid out until financing gaps have been closed, according to AP. The summary of a report from the European Union, the European Central Bank and the International Monetary Fund says the implementation of the bailout program «has come to a halt in past quarters.» The summary, obtained by the Associated Press Thursday, also details further austerity measures promised by Greece, including steep cuts to public services. It says Greece's economy will likely shrink 3.8 percent this year, more than the 3.5 percent predicted in May, and that without further measures this year's budget deficit would remain above 10 percent of economic output.
