Greece to receive fresh bailout funds on Monday | News | DW | 16.03.2012
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Greece to receive fresh bailout funds on Monday

Greece will have access to the first tranche of the second bailout fund worth 5.9 billion euros ($7.7 billion)on Monday, according to a European Commission official.

Debt-stricken Greece is to get the first installment of a second bailout package managed by the troika of the EU, the European Central Bank (ECB) and the International Monetary Fund (IMF), the European Commission announced on Friday.

Matthias Mors, the European Commission representative to the troika said the Greek government had made progress, but he also said that significant concerns remained, such as rising inflation and a lack of household and corporate credit. He stressed that Greece must do a lot more to regain competitiveness.

In its report on Greece, which was also released on Friday, the bloc urges Greece to make a sustained effort to attract future investment and support export-led growth, as it seeks to recover from a five-year recession that shows little sign of abating.

But the report, prepared by the European Commission and the ECB, also said that a bond swap deal with private creditors has made the country's debt load far more sustainable.

On Wednesday, after months of wrangling, eurozone members approved the second Greek rescue package worth 130 billion euros. The IMF on Thursday agreed to contribute 28 billion euros to the package. Including leftover funds from the first bailout fund, the total Greece will receive stands at 172.7 billion euros.

ng/msh (AP, dpa)