Greece says gets green light for more bailout funds

0
4563

Greece flag.
PHOTO: bloomberg

Greece said Friday that EU experts have approved a fresh cash injection under its bailout loan programme which is due to wrap up later this year.

The Greek finance ministry said in a statement that the 5.7 billion euros ($7.0 billion) should be disbursed in mid-March following approval by lawmakers in several eurozone countries.

The approval by experts working for the Eurogroup of eurozone finance minister marks the formal closure of the third review by Greece’s creditors under the current bailout programme.

The current programme worth a total of 86 billion euros agreed in 2015 runs until August this year, after which the southern European nation hopes to fully return to market financing and get back on its own two feet.

Eurozone finance ministers had delayed approval of the funds at their meeting on February 19, calling Greece to begin implementing electronic bidding for property seized from overdue debtors.

Greece this week launched talks on what measures it should adopt before quitting the bailout programme, with a deal being targetted for a June summit.