Bailout Package: EU offers Greece funds worth €2b
On Friday, Athens paid out some €2.5 billion to the IMF and treasury bill holders.
BRUSSELS:
The European Union (EU) offered Greece funds worth €2 billion ($2.16 billion) to deal with what it called a ‘humanitarian crisis’ after the Prime Minister Alexis Tsipras vowed to clarify reform pledges demanded by the country’s creditors. Tension mounted between Athens and Brussels since radical leftist Tsipras was elected in January promising to cut back on five years of austerity and renegotiate Greece’s debt arrangements. Greece has been lobbying for Brussels to release the last tranche of its EU-IMF bailout to help it make payments to creditors and avoid bankruptcy. “This will not be used to fill Greece’s coffers, but to support efforts to create growth and social cohesion in Greece, “said Juncker. On Friday, Athens paid out some €2.5 billion to the IMF and treasury bill holders. On Monday, Tsipras will meet German Chancellor Angela Merkel, where the pair will discuss their clashing positions on austerity and debt crisis management, and reaffirm their mutual goal of maintaining Greece in the Eurozone.
Published in The Express Tribune, March 22nd, 2015.
The European Union (EU) offered Greece funds worth €2 billion ($2.16 billion) to deal with what it called a ‘humanitarian crisis’ after the Prime Minister Alexis Tsipras vowed to clarify reform pledges demanded by the country’s creditors. Tension mounted between Athens and Brussels since radical leftist Tsipras was elected in January promising to cut back on five years of austerity and renegotiate Greece’s debt arrangements. Greece has been lobbying for Brussels to release the last tranche of its EU-IMF bailout to help it make payments to creditors and avoid bankruptcy. “This will not be used to fill Greece’s coffers, but to support efforts to create growth and social cohesion in Greece, “said Juncker. On Friday, Athens paid out some €2.5 billion to the IMF and treasury bill holders. On Monday, Tsipras will meet German Chancellor Angela Merkel, where the pair will discuss their clashing positions on austerity and debt crisis management, and reaffirm their mutual goal of maintaining Greece in the Eurozone.
Published in The Express Tribune, March 22nd, 2015.