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Int’l lenders ready to unblock aid to Greece: Eurogroup

Tuesday, 17 November 2015 2:15 PM [ Last Update: Tuesday, 17 November 2015 2:15 PM ]

Eurogroup President Jeroen Dijsselbloem ©Reuters

Eurogroup, the eurozone finance ministers' group, says Greece’s international creditors are prepared to pay out 12 billion euros (12.9 billion dollars) in bailout funds and bank aid to the cash-strapped Mediterranean state.

In a statement released in the Belgian capital city of Brussels on Tuesday, Eurogroup President Jeroen Dijsselbloem said that the funds will be paid once the Greek parliament ratifies on Thursday reforms already agreed with its lenders.

Dijsselbloem said that a "substantive agreement has been reached on all outstanding issues" following eurozone officials's talks on the steps that Athens must take.

"Upon the completion of the agreed conditionality and the implemented legislation, the Eurogroup stand ready to support the disbursement," he added.

The money is part of a three-year, 86-billion-euro (93-billion-dollar) bailout that Athens accepted recently from its creditors – the European Commission, the European Central Bank (ECB), and the International Monetary Fund (IMF) – to save the country from crashing out of the eurozone.

However, the payment of the financial aid had been held up over disagreement on rules on home foreclosures and handling tax arrears.

Earlier on Tuesday, Greek Finance Minister Euclid Tsakalotos also announced an agreement between Athens and its creditors to unblock a 2-billion-euro (2.15-billion-dollar) tranche of aid and another 10 billion (USD 10.7 billion) to help recapitalize four main Greek banks.

Greek Finance Minister Euclid Tsakalotos ©Reuters

In July, the government of Greek Prime Minister Alexis Tsipras agreed to the demands for austerity measures by lenders in exchange for the multi-billion bailout deal.

The decision triggered outrage from Greeks, who argue Tsipras came to power in January on an anti-austerity platform.

Greece has already received two bailouts in 2010 and 2012, worth a total of 240 billion euros (USD 272 billion) from its creditors following the economic crisis in the Southeast European country back in 2009.

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