Greek officials will hold conference call with EU, IMF to prevent default

The Greek government prepared for crisis talks with European and International Monetary Fund officials Monday amid intensifying fears of potential default after euro-zone finance ministers last week further delayed a decision on the nation’s next round of financial aid.

Greek officials will hold a conference call with members of the auditing team sent by the so-called troika of the European Union, International Monetary Fund and European Central Bank to confirm Greece’s compliance with the terms of last year’s 110 billion euro ($151.6 billion) bailout.

Greek Finance Minister Evangelos Venizelos, in a statement issued after an emergency cabinet meeting on Sunday, said Greece must move ahead with plans for additional austerity in order to prevent the nation being made the “scapegoat” for European and international institutions looking to hide their own “lack of competence” and inability to give a “definitive and complete answer” to attacks against the euro.