Eurogroup arrives at ‘major breakthrough’ on Greece

Written by on May 25, 2016 in Europe - Comments Off on Eurogroup arrives at ‘major breakthrough’ on Greece
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The Eurogroup approved the disbursement of 10.3 billion euro in bailout loans to Greece, in the early hours of May 25. Following a marathon meeting in Brussels, it was decided that the aid will be handed over in several instalments on the condition that Athens carries out a few final prior actions.

Earlier, an agreement was finally reached between the euro zone finance ministers and the International Monetary Fund on Greek debt relief and reforms.

Eurogroup president Jeroen Dijsselbloem said: “We achieved a major breakthrough on Greece which enables us to enter a new phase in the Greek financial assistance program. This is stretching what I thought would have been possible not so long ago.”

“I think there is some ground for optimism that this can be the beginning of turning Greece’s vicious circle of recession-measures-recession into one where investors have a clear runway to invest in Greece,” said Greek finance minister Euclid Tsakalotos.

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