Europe throws Greece a 10.3-billion-euro lifeline
- 8 years ago
After 11 hours of talks, recession-hit Greece has been thrown another lifeline.
Europe’s finance ministers have approved its reform efforts and decided to unlock 10.3 billion euros in bailout funds to see the country through the coming months.
The payment will be split into two tranches: 7.5 billion in June and 2.8 billion in September.
After a ropey start, the International Monetary Fund came on board to help fund the bailout when the euro zone agreed to offer Greece debt relief in 2018, if necessary to meet the agreed criteria on its payments burden.
Earlier in the week, the creditor had demanded “upfront” and unconditional” debt relief for Greece, making it clear that Germany and other hardline powers would need to ease their stance towards Athens, if the IMF were to contribute money to the 86-billion-euro bailout.
In April, 2016, IMF Director Christine Lagarde had said the lender would reconsider its participation if Europe didn’t contribute.
Germany came forward to sa
Europe’s finance ministers have approved its reform efforts and decided to unlock 10.3 billion euros in bailout funds to see the country through the coming months.
The payment will be split into two tranches: 7.5 billion in June and 2.8 billion in September.
After a ropey start, the International Monetary Fund came on board to help fund the bailout when the euro zone agreed to offer Greece debt relief in 2018, if necessary to meet the agreed criteria on its payments burden.
Earlier in the week, the creditor had demanded “upfront” and unconditional” debt relief for Greece, making it clear that Germany and other hardline powers would need to ease their stance towards Athens, if the IMF were to contribute money to the 86-billion-euro bailout.
In April, 2016, IMF Director Christine Lagarde had said the lender would reconsider its participation if Europe didn’t contribute.
Germany came forward to sa