Greece will receive a €6.5bn euro loan from eurozone countries to lift its economy out of dire straits because Athens has made "impressive" cuts to public expenditure, the European Commission announced yesterday.
In total, Greece will receive a €9bn loan, with the largest share at €6.5bn to come from eurozone countries and the remaining €2.5bn to come from the International Monetary Fund.
The Commission said it was satisfied by the progress of the country's economic austerity measures. This latest installment, due to arrive in Greece on 13 September, represents the second tranche of an EU-IMF loan after the country received €20bn in late May.
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