Greece races to meet bail-out terms

Article reports that Greece had embarked on a last-minute legislative dash in december 2010 to meet conditions set by the European Union and International Monetary Fund for disbursing the next two portions of the country’s bail-out loan.

Further signs of social and labour market unrest took place also.

The IMF’s Executive Board approved on the 17 December 2010 the disbursement of about €2.5 billion to Greece as part of the three-year lending arrangement that was agreed in May 2010. The IMF loan is part of an international rescue package worth €110 billion, of which the European Union is providing €80 billion and the IMF the remaining €30 billion. The IMF praised the country's progress with stringent austerity measures, while also warning of tougher times to come.

IMF Survey, 17.12.10: Greek economy at a crossroads http://www.imf.org/external/pubs/ft/survey/so/2010/int121710a.htm

Deutsche Welle, 18.12.10: IMF approves more loans for Greece, offers bleak Irish assessment http://www.dw-world.de/dw/article/0,,6355048,00.html

Kathimerini, 15.12.10: Attempt at consensus fizzles out http://www.ekathimerini.com/4dcgi/_w_articles_politics_100002_15/12/2010_121844

ESO: Background information: The Greek debt crisis of 2010 http://www.europeansources.info/record/the-greek-debt-crisis-key-sources/

ESO: Background information: Greece hits out at credit rating agency http://www.europeansources.info/record/greece-hits-out-at-credit-rating-agency/

Deutsche Welle, 14.12.10: Strikes shut down Athens public transportation ahead of austerity vote http://www.dw-world.de/dw/article/0,,6327246,00.html

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