Greece to unfreez bailout funds

Greece to unfreez bailout funds
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Summary Greece will take big step toward unfreezing bailout funds if parliament approves budget 2013.

 

The Athens parliament had already approved a new package of austerity measures worth €13.5 billion, a precondition for the so-called troika of EU, European Central Bank and International Monetary Fund officials to release the next installment of funds under Greece s second bailout.


"It really represents progress," ECB president Mario Draghi said last Thursday, adding that the ECB and eurozone finance ministers would discuss the Greek situation at a meeting in Brussels.


Assuming Sunday s vote goes in favor of Prime Minister Antonis Samaras  coalition government, Greece would get two more years to meet budget targets set out in the original program in March, and gain access to €31.5 billion that Greece needs to stabilize its banks and redeem short-term debt due next week.
 

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