Eurogroup to Disburse 10.3 bln Euros to Greece
After eleven hours of negotiations, Euro zone finance ministers have approved new loans to Greece worth EUR 10.3 billion, the European Council's press service reported.
"The second tranche under the European Stability Mechanism program amounting to EUR 10.3 billion will be disbursed to Greece in several disbursements, starting with a first disbursement in June (EUR 7.5 bln) to cover debt servicing needs and to allow a clearance of an initial part of arrears as a means to support the real economy," a statement reads, according to Unian.
The Eurogroup also recalled the medium-term primary surplus target for Greece at 3.5% of GDP as of 2018 and underlined the "importance of a fiscal trajectory consistent with the fiscal commitments under the EU framework."
It is noted that the Eurogroup agrees to assess debt sustainability under the baseline scenario, according to which gross financing needs should remain below 15% of GDP during the post program period for the medium term, and below 20% of GDP thereafter.
- Greece Emerges from Eurozone Bailout Programme The economy has grown slowly in recent years and is still 25% smaller than when the crisis began.
- Greece Can be Competitive Once Makes Reforms: Schaeuble Greece can have a competitive economy once it makes reforms agreed with its euro zone creditors, German Finance Minister Wolfgang Schaeuble said on Monday.
- Greek Unemployment Rises to 23.4 Percent in August, Eurozone Highest Greece's unemployment rate has come down from record highs but remains more than double the euro zone's average of 10 percent in August.
- 48-Hour Strike Began in Greece Public transport workers joined the strike. Today and on Saturday in the Greek capital metros, trolley buses and trams will not work.
- Greece to Launch a New Round of Bailout Talks Following pressure from bailout creditors, the government has committed to overhaul the country’s pension system, which, it admits, is otherwise moribund.
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