Euro­zone ap­proves €2.8b in bailout funds for Greece

The Sun (Malaysia) - - SUNBIZ -

LUX­EM­BOURG: Euro­zone of­fi­cials an­nounced yes­ter­day they have ap­proved

2.8 bil­lion (RM12.7 bil­lion) for Greece from its huge third bailout af­ter the cash-strapped na­tion de­liv­ered the needed re­forms.

Fol­low­ing the lat­est dis­burse­ment ap­proved by the Euro­pean Sta­bil­ity Mech­a­nism (ESM), Greece will have re­ceived 31.7 bil­lion of the

86 bil­lion bailout granted in July 2015, its third since be­ing en­gulfed by debt in 2010.

“To­day’s de­ci­sion to dis­burse 2.8 bil­lion to Greece is a sign that the Greek peo­ple are steadily mak­ing progress in re­form­ing their coun­try,” the ESM’s man­ag­ing di­rec­tor Klaus Regling said in a state­ment.

An ESM spokesman told AFP the funds would likely be dis­bursed to­day.

The left-wing govern­ment of Greek Prime Min­is­ter Alexis Tsipras has reached mile­stones in pen­sion re­form, bank gov­er­nance, the en­ergy sec­tor, and rev­enue col­lec­tion, ac­cord­ing to the di­rec­tor of the ESM, the Euro­zone body con­trol­ling Greece’s bailout loans.

The govern­ment won of­fice in Jan­uary 2015 ini­tially op­posed to cred­i­tor de­mands.

If Greece im­ple­ments more of the re­forms un­der the bailout pro­gramme, its econ­omy could “ac­cel­er­ate next year and the govern­ment may be able to start is­su­ing bonds again next year,” Regling said.

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