Greece to receive further €9bn of bail-out

Greece will receive a €9bn tranche of eurozone loans, after the European Commission cleared on the 18 August 2010 the second instalment of the bail-out facility agreed to alleviate its fiscal troubles.

The European Commission assessed measures taken by Greece to comply with the Council Decision of 10 May 2010 to remedy the situation of excessive deficit. The Commission also published a report in the context of the economic adjustment programme financed by the euro-area Member States and the International Monetary Fund. The Commission considered that the overall positive assessment of compliance paves the way for the next tranche of loans and it expects the euro-area Member States to approve and disburse this second instalment at the beginning of September 2010.

EurActiv, 20.8.10: Greece to get second EU-IMF bailout loan http://www.euractiv.com/euro-finance/greece-get-second-eu-imf-bailout-news-497001

EUObserver, 19.8.10: Brussels tells Athens to take the pain as unrest rumbles http://euobserver.com/9/30647

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

ESO: Background information: Tensions Rise in Greece as Austerity Measures Backfire http://www.europeansources.info/record/tensions-rise-in-greece-as-austerity-measures-backfire/

European Commission: Press Release: IP/10/1059: Commission considers Greece meets the conditions to receive the second instalment of loans by euro area Member States http://europa.eu/rapid/pressReleasesAction.do?reference=IP/10/1059&format=PDF&aged=0&language=EN&guiLanguage=en

---