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Greece OK for more EU aid


Greece OK for more EU aid


Athens is on track to cut its excessive budget deficit.

European Commission experts say Greece has met the conditions for its next tranche of financial aid from the euro zone and the International Monetary Fund.

The Greek government spent almost 17 percent less in the first half of this year than it did in the same period last year as austerity measures took effect.

EC spokesman Amadeu Altafaj Tardios said: “This does not concern only, let’s say, adjustment concerning public finances, but also structural reform, because this is, of course, another fundamental element in order to make sure that the Greek economy can recover and use the important huge potential that it has to generate growth and to generate jobs.”

Brussels admits there are still challenges and risks, particularly on safeguarding adequate liquidity and financial stability for the banking sector.

Athens is due to get its next nine billion euros in financial aid in mid September.

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