Monday, April 29, 2013

2.8 Billion Euro Loan Given to Greece

Euro Zone Releases Next Set of Loans for Greece

New York Times - ‎2 hours ago‎
ATHENS - Euro zone officials on Monday approved the release of 2.8 billion euros, or $3.7 billion, in loans to Greece, the country's Finance Ministry said, paving the way for the approval of an additional 6-billion-euro installment at a meeting of the ...
Greece to cut 15000 jobs for bailout
Greece set to cut 'bloated' public sector

Euro Zone Releases Next Set of Loans for Greece

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ATHENS — Euro zone officials on Monday approved the release of 2.8 billion euros, or $3.7 billion, in loans to Greece, the country’s Finance Ministry said, paving the way for the approval of an additional 6-billion-euro installment at a meeting of the currency union’s finance ministers in mid-May.
The Greek Parliament late Sunday approved a controversial plan to dismiss 15,000 civil servants by the end of next year as part of a new package of economic measures asked for by Greece’s foreign creditors: the International Monetary Fund, the European Central Bank and the European Commission.
The $3.7 billion approved Monday in Brussels was originally to have been disbursed in March but was delayed after negotiations stalled over the creditors’ demands for civil service cuts. The May installment is dependent on further action by Athens, including an overhaul of the tax collection system.
The Greek government’s latest measures passed in a vote held shortly before midnight with 168 votes in the 300-seat House.
A last-minute amendment allowing local authorities to hire young Greeks for less than the minimum wage of 586 euros a month fueled angry protests by the political opposition. But the inclusion of measures intended to ease some of the financial burden on homeowners, including a 15 percent reduction in a new property tax, clinched the support of lawmakers in the three-party ruling coalition.
Defending the bill, the finance minister, Yannis Stournaras, insisted that there was no choice.
“Greece is still cut off from the markets,” he told lawmakers, adding that the government’s chief aim was to achieve a primary surplus before seeking a further “drastic” reduction of its debt, which at the end of last year was 160 percent of gross domestic product.
In the last three years, the incomes of Greece’s citizens have dwindled by a third and unemployment has skyrocketed to 27 percent. 

Euro Zone Releases Next Set of Loans for Greece

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