The Phaserl


Greece gets €4.8bn in staggered bailout payments

Greece will get its next EU-IMF bailout payment of €2.5bn on condition that it implements austerity measures including deeper spending cuts and public sector lay-offs within 10 days.

by Bruno Waterfield, The Telegraph:

Last night’s meeting of eurozone finance ministers agreed to pay the scheduled third quarter bailout instalment of €4.8bn (£4.1bn) but broke it down into three “disbursements” linked to reforms.

The first payment of €2.5bn from the eurozone will be paid after July 19 on condition that of “full implementation of the prior actions”, including legislation that is passing through the Greek parliament over the next week.

“Significant further work is needed over the next weeks to fully implement all prior actions required for the next disbursement,” said a eurozone statement.

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