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Greece does enough to unlock more bailout funds


Greece does enough to unlock more bailout funds


Greece is set to get its next batch of rescue loans. Officials working for eurozone finance ministers have signed off on the payment to be rubber-stamped in individual EU member states on Monday.

The approval by the finance ministers ends two months of wrangling over unpopular measures to reform the Greek economy and ensures Athens won’t run out of money over the summer.

It comes after Greek lawmakers returned from their summer parliamentary recess to approve a new tax code and put the finishing touches to a controversial scheme that could see thousand of civil servants lose their jobs.

That unlocked 5.8 billion euros of bailout funds from the euro area, its national central banks and the International Monetary Fund, with another one billion to follow in October.

All the loans are conditional on Greece making progress with its reform programme.

The so-called troika of international lenders – the EU, International Monetary Fund and the European Central Bank – will return in Athens in the autumn to find out whether the government needs to find
further savings to meet its 2015/2016 budget targets.

That will set the stage for a potential clash with the lenders, as the coalition government has ruled out any further austerity measures.

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