Arab Today, arab today creditors hand greece €1bn
Last Updated : GMT 20:03:02
Arab Today, arab today
Arab Today, arab today

Creditors hand Greece €1bn

Arab Today, arab today

Arab Today, arab today Creditors hand Greece €1bn

The Greek government established a privatisation fund
Brussels - AFP

Greece's international creditors on Tuesday handed over a payment of 1.0 billion euros under the terms of its third bailout programme after Athens met their demands for further tough economic reforms.
The European Stability Mechanism, the 19-nation eurozone's bailout fund, said the funds will help Athens repay debt, balance the budget and finance projects.

"With the disbursement of one billion euros, the ESM is supporting the Greek government in its reform process," ESM head Klaus Regling said in a statement.

"The reforms cover a wide array of policy fields that are important to modernise the Greek economy," he said.

The Greek government said earlier this month it had established a privatisation fund and planned to sell a major stake in electricity distributor Admie, the latest reforms sought.

The creditors -- the European Commission, the European Central Bank, the International Monetary Fund and the ESM -- finalised a third Greek debt rescue programme in August worth 86 billion euros ($94 billion) after Greece looked to be on the brink of crashing out of the eurozone.
Two other rescues since 2010 worth a combined 240 billion euros, plus a private-sector debt writedown of more than 100 billion, had failed to stabilise the economy as Athens struggled to implement the austerity measures demanded in return for fresh funding.

Left-wing Prime Minister Alexis Tsipras reluctantly accepted the third debt programme but insists Greece's debt mountain -- amounting to nearly twice annual economic output -- must be cut if the country is ever to stand on its own feet again.

This has divided the creditors, with the IMF saying the debt can never realistically be repaid and must be cut sharply to avoid another disaster while the Commission, the ECB and ESM say it must first adopt the reforms they say are essential to avoid any repeat.

Regling reiterated that the debt can only be addressed if Greece continues to live up to its commitments on reform.

"I hope the good cooperation with our Greek partners will continue, so that the first review of the ESM programme can be completed in early 2016," Regling said.

"Only a successful conclusion of this review can lead to discussions on further debt relief for Greece, as the (group of eurozone finance ministers) has said before," he said.

The one billion euros is the last tranche of the initial bailout funds worth 16 billion euros decided in August.

The ESM has also provided Greece with a separate 5.4 billion euros to help recapitalise its struggling banks.

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today creditors hand greece €1bn Arab Today, arab today creditors hand greece €1bn

 



Arab Today, arab today
Arab Today, arab today Laptop ban sparks ire

GMT 09:02 2017 Thursday ,23 March

Laptop ban sparks ire
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes
Arab Today, arab today AT&T, Verizon join Google ad boycott

GMT 10:30 2017 Thursday ,23 March

AT&T, Verizon join Google ad boycott

GMT 15:54 2017 Wednesday ,22 March

Amazon deal for Souq.com is back on

GMT 13:03 2017 Wednesday ,22 March

Germany should ditch austerity, embrace EU investment

GMT 10:43 2017 Wednesday ,22 March

Bags carry Hermes to record profit

GMT 09:49 2017 Wednesday ,22 March

Khamenei fleshes out 'Made in Iran' vision
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemeni official warns education is under threat

GMT 12:03 2017 Tuesday ,14 March

Yemeni official warns education is under threat
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Donia Abdel Aziz participates in "Game of Silence"

GMT 07:12 2017 Tuesday ,21 March

Donia Abdel Aziz participates in "Game of Silence"
Arab Today, arab today Mexico threatens to ditch US corn imports

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 07:39 2017 Monday ,20 March

Dalia Mustafa believes in the presence of ghosts

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection

GMT 16:41 2017 Monday ,20 March

Preserving the memory of glaciers

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 13:11 2017 Tuesday ,21 March

Web-based counseling lowers blood pressure

GMT 10:18 2017 Tuesday ,21 March

Kuwait's tourism industry to be worth

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 22:39 2017 Thursday ,09 March

Zuhair Murad presents his new collection "Resorts"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday