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  Euro-Minister of Finance: Athens receives another 6.7 billion euros – Economy | Bit Updates
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Euro-Minister of Finance: Athens receives another 6.7 billion euros – Economy

Tuesday, January 23rd, 2018 | bitcoin updates


The euro finance ministers have approved further aid billions for the highly indebted Greece. The country has implemented almost all the austerity and reform measures agreed so far, said the new Eurogroup chairman Mario Centeno after the meeting of the finance ministers of the common currency area on Monday evening in Brussels. Under the condition that the last steps are still completed, therefore, should be provided from February around 6.7 billion euros. This should, among other things, be paid for outstanding arrears. In addition, financial buffers for Athens' return to markets should be built. Greece has been dependent on international financial assistance since 2010. In return, the country has to implement numerous drastic austerity and reform measures. The currently running third aid program will have up to 20 August 2018 up to 86 billion euros ready. Economic growth has recently picked up again, with experts predicting that Greece will not need the full loan amount. Athens approved many reforms The Athens Parliament recently approved a large package of reforms. Among other things, it provides for a restriction of the right to strike. The euro finance ministers have warned Greece to continue to pace privatization. Athens has recently made plans to privatize further important port facilities following the leasing of the two largest ports, Piraeus and Thessaloniki. Despite the years of reform efforts, Greece still accounts for around 180 per cent of economic output, by far the highest indebtedness in the eurozone countries. In the coming months, the focus will be on the question of a smooth end to the Greek aid program in August. After graduation, the country wants to be able to stand on its own two feet and finance itself. In this context, the debate about possible debt relief should become even more important. "2018 will be a crucial year for Greece," said EU Economic Commissioner Pierre Moscovici. The long period of dependency on financial assistance is drawing to a close. "The Greek economy is now more resilient." (Dpa)

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