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Troika gives green light to new Greek loan

Troika gives green light to new Greek loan
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Greece’s international creditors on Tuesday approved a new aid payout of eight billion euros to stave off the threat of a sovereign default.

The IMF, the European Commission and the European Central Bank said Athens should get the next instalment of bailout money by mid-November after a weeks-long review of the country’s finances.

Finance minister Evangelos Venizelos welcomed the inspectors’ assessment; the Greek government had already said it would miss its 2011 deficit target.

Venizelos aimed to strike a reassuring tone by ruling out a Greek exit from the euro zone.

“There is no issue of negotiation on this, neither from us nor from our partners,” he told reporters.

The cuts demanded by Greece’s international creditors have sparked a number of strikes in recent weeks.

Refuse collectors stayed away from work again on Tuesday. The threat of further action by Greek transport workers prompted many drivers to stock up on petrol, creating long queues at the pumps.