RIA Novosti reported that another international bailout for Greece scheduled for September may be postponed over the indebted country's failure to meet creditors' demands.

The Naftemporiki website said that “If the mid term budget program is to be redrafted or completed with new measures, issuing another EUR 8 billion of the tranche may then take a longer time.”

Naftemporiki said the mission of the three creditors was expected in Athens on August 29, a delay of one week, and the scheduled exchange of Greek government bonds would also be postponed until the end of September because private investors are not quite ready.

An EU member, Greece has adopted a budget austerity program but has still failed to meet the economic targets set by the creditors the European Commission, the European Central Bank and the International Monetary Fund.

The country's total debt has ballooned to USD 490 billion. Greece's budget deficit has increased 25% in the first seven months of this year to EUR 15.5 billion. Unemployment has hit a record of 16.6% and annual economic growth lost 6.9 % in the second quarter.

Despite continuing mass protests against the austerity program, Athens is planning further measures to save some USD 33 billion by 2015 through higher taxes and spending cuts.

(Sourced from RiaNovesti)