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Greece is still on ice

October 17, 2012: 3:42 PM ET

Greece and its international creditors have agreed on the "core measures" of the nation's recovery plan, but discussions over the nation's latest bailout installment will continue.

The European Union, European Central Bank and International Monetary Fund, known as the troika, said Wednesday that monitors will leave Greece after "productive discussions" over policies to restore economic competitiveness and reduce unemployment.

But the group has yet to complete a key review of Greece's progress on reforms under its bailout program, which will be used to determine whether it will receive the latest installment from its €130 billion rescue package.

Related: Complete coverage of Europe's debt crisis

"The authorities and staff teams agreed on most of the core measures needed to restore the momentum of reform and pave the way for the completion of the review," the troika said. "Discussions on remaining issues will continue from respective headquarters and through technical representatives in the field with a view to reaching full staff level agreement over the coming days."

The announcement comes on the eve of a two-day summit of European Union leaders in Brussels. The leaders are expected to praise the government of Greek prime minister Antonis Samaras, but they are not expected to make any decision on additional financing.

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Ben Rooney
Ben Rooney
Staff writer, CNNMoney

Ben Rooney is a staff writer for CNNMoney. He covers the European debt crisis and other international finance stories, in addition to writing about stocks, bonds, investing and other Wall Street-related news. Follow Ben on Twitter: @ben_rooney

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