Where do you see this?
In international news articles about Greece and the euro
zone.
What does it mean?
A Russian word, "troika" refers to a collection of three.
But in the context of the euro zone, the troika refers to
three organisations: the European Commission, the European Central
Bank and the International Monetary Fund.
The European Commission is the executive body of the
European Union.
Why is it important?
This committee of three has significant influence over Greece's
financial future.
This is because the trio are in a position to bail out
Greece and are, therefore, able to set loan conditions that Greece
has to meet in order to maintain the finanical lifeline, such as
implementing reforms.
These reforms include harsh austerity measures such as
limiting the number of civil servants that can be hired.
Ireland and Portugal are the other two euro zone
countries which have agreed to be bailed out by the troika.
So you want to use the term. Just say...
"Troika officials have agreed to lend money to Greece,
conditional upon Greece implementing measures such as reducing the
minimum wage."
invest, The Sunday Times, July 1 2012, Pg 38