greece payout likely to go ahead
Last Updated : GMT 05:32:36
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Greece payout likely to go ahead

Arab Today, arab today

Arab Today, arab today Greece payout likely to go ahead

Athens - Arabstoday

International financial inspectors say they have reached agreement with Greece on reforms to put the nation's troubled economy back on track."Economic and financial policies" have been agreed between Greece and the troika of bodies which has been mulling if Athens will get any new loans.The EU, IMF and European Central Bank say Greece is now likely to get 8bn euros (£7bn; $11bn) more bailout cash.It came as they said Greece's fiscal target for 2011 was not achievable."Once the Eurogroup and the IMF's executive board have approved the conclusions of the fifth review, the next tranche of 8bn euros will become available, most likely, in early November," a statement said.Some 5.8bn euros would come from the euro area member states, and another 2.2bn from the IMF."The success of the programme continues to depend on mobilising adequate financing from private sector involvement (PSI) and the official sector, " the troika statement continued."Ongoing discussions on PSI together with assurances provided by European leaders at their 21 July summit suggest that the programme remains fully financed," it said.Earlier they had said "the fiscal target for 2011 is not longer within reach, partly because of a further drop in GDP, but also because of slippages in the implementation of some of the agreed measures".

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