Greece Will Be Granted EUR 6.3 B by End-April, Says Eurogroup

World | April 1, 2014, Tuesday // 14:41| Views: | Comments: 0
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Bulgaria: Greece Will Be Granted EUR 6.3 B by End-April, Says Eurogroup Greece's Finance Minister Yannis Stournaras, Photo by EPA/BGNES

The Eurozone will assign to Greece EUR 6.3 B that are part of its second bailout package, the Eurogroup's chief Jeroen Dijsselbloem announced Tuesday.

In Athens, the European Union and the International Monetary Fund agreed to unlock one of the last tranches Greece will get to save its debt-ridden economy.

An upcoming return of Greece to bond markets was also decided upon, with no austerity measures attached as a condition, Greek newspaper Kathimerini has reported.

The decision was announced days after the Greek parliament approved reforms aimed at easing competitiveness and backed what Prime Minister Samaras has described as last budget cuts.

Government announced stepped-up security measures ahead of the meeting, banning anti-EU and anti-austerity protests in the center of the capital.

Demonstrations have steadily rocked the country over the past years, with thousands resenting measures taken by cabinets in order to receive a total of EUR 240 B since 2010.

Fresh aid by international lenders will allow for Greece to make its budgetary payments in May.

The country's debt still accounts for 175% of its GDP (EUR 321 B), but experts have suggested Athens has overcome the worst impact of its financial crisis and is on the road to recovery.

In February, Greece's current account was reported positive for the first time in 65 years, after half a decade of severe restrictions.

The Eurozone's last rescue package expires at the end of 2014, and it still contains EUR 10.1 B available to the country.

At the meeting in Athens, Greek Finance Minister Yannis Stournaras declared that the country is poised to growth now and will not need a third bailout package to manage the turmoil in its economy.

The Guardian has cited forecasts putting Greece's growth at about 3% in 2016, from -3.9 in 2013.

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Tags: greece, Eurozone, Eurogroup, Stournaras, Samaras, austerity, bailout, lenders, EU, IMF
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