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Sunday, July 3, 2011

Fifth European Union Approves Bailout for Greece

Brussels - European Union Finance Minister approved the fifth tranche of the loan facility to Greece on 15 July.

In a special meeting held to discuss Greek bailout, they endorsed the report of the Compliance Commission after renewing the agreement. They welcomed the positive progress that has run the Greek government in implementing financial policies in accordance with the requirements of the European Union and the IMF, which quoted from

European Union Finance Minister has accepted the concept of privatization and austerity policies that have been approved by the Greek parliament. They agreed to benchmark the program is a step in the consolidation fikal and strktural reform and privatization plans.

Greek Parliament has defined his attitude toward government action to save the budget, tax increases and privatization on 29-30 June 2011. Langakh this as a condition for disbursement of bailout funds from the EU and the IMF. While the European Central Bank expects the international community supports the funding of emergency funds to Greece worth U.S. $ 157 billion.

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