Eurozone finance ministers has agreed to unlock billions of euros in fresh aid for Greece on condition it press ahead with urgently needed reforms.
The Eurogroup ministers, holding their last meeting yesterday before the summer break which was also attended by IMF chief Christine lagarde, agreed to pay out 6.8 billion euros in fresh aid to Athens.
However, the funds would not be handed over in one lump sum, but in different instalments subject to certain conditions being met.
“The Eurogroup commends the authorities for their continued commitment to implement the required reforms that have already led to a significant improvement of cost competitiveness, an impressive strengthening of the fiscal position and a more resilient banking sector,” the
group said in a statement read out by its chief, Dutch Finance Minister Jeroen Dijsselbloem, at a news conference.