Greece set to gain next lot of loans
Source: Agencies |
April 16, 2013, Tuesday
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Print Edition
Print Edition
GREECE cleared a vital hurdle in its drive to receive its next batch of bailout loans after international debt inspectors said yesterday they had reached a deal over the country's economic reforms, including the firing of thousands of civil servants.
The review by delegates from the International Monetary Fund, European Commission and European Central Bank? known collectively as the troika? is part of a regular process under which Greece receives installments of its multibillion-euro bailout.
"Greece is being stabilized and our position is being bolstered," Prime Minister Antonis Samaras said in a televised address yesterday. "Late last night (Sunday) we reached an agreement for the disbursement of the next installment of 2.8 billion euros, and the road has opened for the May installment of 6 billion."
Greece has been dependent on some 270 billion euros (US$352.4 billion) in bailout loans and other rescue packages since 2010. In return, successive governments have pledged to overhaul the Greek economy and have imposed stringent spending cuts and tax hikes.
Almost every troika review since the start of the bailout has been delayed due to targets being missed or disagreements with the government. Apart from the initial installments, no rescue loans have been disbursed on time.
Despite often major differences between the two sides, there was less tension for this review, without the threat of imminent bankruptcy that had hung over many previous negotiations.
The reforms have been painful for Greece. The country is mired in a deep recession, now in its sixth year, and unemployment has rose to around 27 percent.
In a joint statement, the troika said recent steps taken by Greece will mean that targets for March "are likely to be met in the near future" and that the country's debt sustainability "remains on track."
As a result, the 17-nation eurozone could soon agree to disburse 2.8 billion euros pending from last month. The eurozone and IMF board may approve the review in May.
The review by delegates from the International Monetary Fund, European Commission and European Central Bank? known collectively as the troika? is part of a regular process under which Greece receives installments of its multibillion-euro bailout.
"Greece is being stabilized and our position is being bolstered," Prime Minister Antonis Samaras said in a televised address yesterday. "Late last night (Sunday) we reached an agreement for the disbursement of the next installment of 2.8 billion euros, and the road has opened for the May installment of 6 billion."
Greece has been dependent on some 270 billion euros (US$352.4 billion) in bailout loans and other rescue packages since 2010. In return, successive governments have pledged to overhaul the Greek economy and have imposed stringent spending cuts and tax hikes.
Almost every troika review since the start of the bailout has been delayed due to targets being missed or disagreements with the government. Apart from the initial installments, no rescue loans have been disbursed on time.
Despite often major differences between the two sides, there was less tension for this review, without the threat of imminent bankruptcy that had hung over many previous negotiations.
The reforms have been painful for Greece. The country is mired in a deep recession, now in its sixth year, and unemployment has rose to around 27 percent.
In a joint statement, the troika said recent steps taken by Greece will mean that targets for March "are likely to be met in the near future" and that the country's debt sustainability "remains on track."
As a result, the 17-nation eurozone could soon agree to disburse 2.8 billion euros pending from last month. The eurozone and IMF board may approve the review in May.
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