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1 Apr 2014
Eurogroup approves next bailout tranche for Greece
FXStreet (Łódź) - Eurozone Finance Ministers, gathered in Athens for a summit, approved on Tuesday the release of the next, 8.3 billion euro bailout tranche for Greece. The first payment of 6.3 billion euros will be disbursed in April to allow the country meet its debt repayment needs.
In exchange for the loan, Greece pledged to continue implementing reforms, but no immediate austerity measures were set. The agreement assumes that the country will return to bond markets this year.
The deal between Greece and the international lenders was finally struck after Athens had passed a controversial reform bill on Sunday, including a variety of measures agreed in March with the Troika.
ECB head Mario Draghi, also present at the summit in Athens, urged Greece to continue with the fiscal adjustment efforts. He stated that the country was making “remarkable progress.”
In exchange for the loan, Greece pledged to continue implementing reforms, but no immediate austerity measures were set. The agreement assumes that the country will return to bond markets this year.
The deal between Greece and the international lenders was finally struck after Athens had passed a controversial reform bill on Sunday, including a variety of measures agreed in March with the Troika.
ECB head Mario Draghi, also present at the summit in Athens, urged Greece to continue with the fiscal adjustment efforts. He stated that the country was making “remarkable progress.”