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Greece set for latest bailout, amid debt relief pressure


brussels bureau

Greece set for latest bailout, amid debt relief pressure

Greece is in line for its next batch of bailout loans. Lenders are preparing to unblock up to 8.5 billion euros, desperately needed by Athens to pay its bills.

EU finance ministers have been discussing the amount at a meeting in Luxembourg.

It is understood Greece has pushed through all of the requested reforms.

“I really want to switch from the day today management crisis of the Greek debt, to long term perspectives for the Greek people and for all the European countries,” said Bruno Lemaire, French Economy Minister.

The latest cash hinges on a German parliament condition that the IMF joins the Greek bailout – to give the programme what’s seen as economic legitimacy.

German Finance Minister Wolfgang Schauble commented: “There is an increasing number of voices from Greece calling for an adherence to the agreements. Germany has never failed in that respect. So if the Greeks now also honour the agreements we will be saving a lot of time in the future.”

There is pressure for the eurozone to give more details on what debt relief it’ll offer Greece in 2018, when the latest bailout ends.

“Preparing Greece for an exit of the programme, that’s the kind of discussion that from now on we are going to have, which is very different from the long period that is behind us,” said Eurogroup President Jeroen Dijsselbloem.

“It’s a new phase, it’s going towards the end of the programme and we need to help and support Greece in making that exit successfully next year.”

And it’s the details of the debt relief that the IMF awaits, as it weighs joining the bailout and disbursing its own money to Athens.