Greece to get cash, but at cost of cuts
Greece will get its next bail-out payment after reaching agreement with the troika on phased payments beginning this month and tied to new conditions, including deeper public spending cuts.
The Greek government has said it needs €8.1bn as the next installment of a €240bn rescue package, but eurozone finance ministers meeting yesterday were expected to set a figure substantially lower.
Wolfgang Schaeuble, the German finance minister, expressed optimism at finding an agreement and avoiding a new phase in the eurozone crisis.
The payment of the next bail-out tranche, scheduled to be €4.8bn, is expected to be broken down into disbursements linked to Greek implementation of austerity measures.
Jeroen Dijsselbloem, the Dutch finance minister who chairs the group of finance ministers, said payments would be tied to conditions.
Following talks in Athens yesterday, the troika gave a green light to payments.
Greek plans to meet EU-IMF austerity targets led Antonis Samaras, Greece's prime minister, to close the country's national broadcaster last month. (© Daily Telegraph, London)