Greece to negotiate $40bn bailout cash

On Monday, Stournaras will meet with senior representatives from the so-called troika including the European Union (EU), the International Monetary Fund (IMF) and the European Central Bank (ECB) to discuss a USD 40 billion cash injection.

“The Greek economy awaits this money like parched earth awaits the rain,” AFP quoted Prime Minister Antonis Samaras as saying just a day before the meeting.

Meanwhile, Greece's parliament is to vote on a new round of austerity measures on Monday.

The new austerity program includes slashing pensions by 3.5 billion euros, health cuts worth 1.47 billion euros as well as a 517-million-euro reduction in defense spending.

Earlier on September 26, police in Athens clashed with union workers protesting against the government’s new round of austerity measures.

About 3,000 police forces reportedly fired tear gas at a crowd of about 15,000 demonstrators as they marched towards the parliament building.

Greek workers and protesters expressed their dissatisfaction with Samaras’ proposed austerity measures, demanding a halt on cutting jobs and salaries.

Reports said that the angry protesters participated in a 24-hour strike.

The strike action included most of the country's unions in the debt-ridden country, bringing the nation to a standstill with flights grounded, local transport disrupted and public service offices shut down.

Greece has been in recession since 2009 despite the austerity cuts and the bailout funds, which have been aimed at stimulating growth for its troubled economy.

The worsening debt crisis has forced the EU governments to adopt harsh austerity measures and tough economic reforms, which have triggered incidents of social unrest and massive protests in many European countries.