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EU to Discuss Release of Greece Bailout Money
EU to Discuss Release of Greece Bailout Money

EU to Discuss Release of Greece Bailout Money

EU to Discuss Release of Greece Bailout Money

The eurozone will not release additional bailout money for Greece at a meeting in Bratislava this month, Germany’s Handelsblatt Global reported, citing European Union diplomats.
The online edition of the German business daily quoted the diplomats as saying that Athens had only implemented two of 15 political reforms that are conditions for the bailout money. Above all, they said, Greece had been slow to privatize state assets, Channel NewsAsia reported.
Under a deal signed last year with eurozone countries, the European Central Bank and the International Monetary Fund, the European Stability Mechanism (ESM) will provide financial assistance of up to 86 billion euros to Greece by 2018 in return for the agreed reforms.
The debt relief is due to be granted in tranches, including short-term measures to extend Greece’s debt, with a further reduction due after 2018 including interest deferrals and interest rate caps.
Handelsblatt Global said the Eurogroup had approved a tranche of €10.3 billion ($11.48 billion) for Greece in May from the overall package. An initial €7.5 billion of that sum had been transferred to Athens with the rest scheduled to arrive in the fall.
The diplomats said the Eurogroup will only discuss a progress report on Greece at the Bratislava meeting.
The comments came just days after the head of the ESM on Saturday said Greece could secure short-term debt relief measures “very soon” if it implements remaining reforms agreed under its bailout program.
Greece’s big banks must take faster action to clean up their huge stock of troubled loans to help the ailing economy’s recovery and set the banking system on a solid footing, Eurobank’s board chairman, Nick Karamouzis, said on Monday.

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