EU approves next tranche of Greek bailout
Greece has made all the reforms in the first package of measures agreed with Eurozone creditors, which paves the way for Athens to get the next tranche of bailout loans (€2bn), the head of Eurozone finance ministers Jeroen Dijsselbloem said.
Greece is getting very cheap loans from the Eurozone bailout fund - the ESM - under its third bailout agreement in exchange for putting its public finances in order and reforming the economy to make it more efficient and competitive.
Mr Dijsselbloem said the ESM will be allowed to make case by case decisions to transfer money to Greece for the recapitalisation of the Greek banking sector. The ESM has €10bn earmarked for this purpose and the capital needs of Greek banks from the Eurozone are estimated at €6bn-€9bn, a Eurozone official said. (Reuters)