Bailout envoy urges Greece to speed up reforms Associated Press Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Updated 02:58 a.m., Monday, July 2, 2012 ECB board member Joerg Asmussen is in Athens as the struggling country's new coalition government holds talks with its rescue creditors. Greece's new conservative-led government was formed quickly after June 17 general elections that ended months of political uncertainty, but saw a sharp rise in support for parties opposed to the bailout. Asmussen, however, said failure to tackle the underlying problems of Greece's crisis — a lack of economic competitiveness, high debt and a bloated public sector — would only result in more pain. Debt inspectors from the so-called troika — EU, IMF and ECB — are due in Athens this week to meet the new government, that is backed by Samaras' conservatives, traditional rival Socialists and a small left wing party.

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