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Greece secures deal to unlock 12bn euros bailout funds

Greece secures deal to unlock 12bn euros bailout funds

ATHENS: Greece announced on Tuesday it has struck a deal with its international creditors to unblock some 12 billion euros in much-needed bailout loans.

“We have reached agreement on everything, including the 48 additional measures” that should allow the 12 billion euros ($12.8bn) to be paid out on Friday, Finance Minister Euclid Tsakalotos told reporters after marathon talks.

“This is good news,” Eurogroup chief Jeroen Dijsselbloem said in a statement released in Brussels, adding that the funds would be paid once the Greek parliament adopts fresh reforms on Thursday.

“Upon the completion of the agreed conditionality and the implemented legislation, the Eurogroup stand ready to support the disbursement,” he said.

Greece in July accepted a three-year, 86-billion-euro ($93-billion) EU bailout that saved it from crashing out of the eurozone, but the deal came with strict conditions.

Athens has since adopted a number of the unpopular reforms but creditors have wanted it to do more.

“Our promise to the Greek people that we would negotiate has been kept,” Finance Minister Euclid Tsakalotos said.

Published in Dawn, November 18th, 2015

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