Emergency Assistance: Eurozone to approve Greek aid tranche

BRUSSELS: Eurozone finance ministers will approve the next tranche of emergency aid for Greece on Saturday and discuss a second three-year financing plan for Athens on July 11, euro zone officials said. The release of the 12 billion euro ($17 billion) tranche from the euro zone and the International Monetary Fund has been made possible after the Greek parliament passed austerity and reform laws on Wednesday and Thursday, removing the threat of a near-term debt default. “The conditions are now in place for a decision on the disbursement of the next tranche of financial assistance for Greece and for rapid progress on a second assistance package,” European Commission President Jose Manuel Barroso and European Council President Herman van Rompuy said on Thursday. But Germany, which funds much of the European Union part of Greece’s bailouts, said the laws must be turned into action.

Published in The Express Tribune, July 3^rd, 2011.