National finance ministries in the eurozone have unblocked €4 billion in aid to Greece after a delay of several days during which officials reviewed the country’s reform efforts.
The aid is made up of €2.5bn from Greece’s eurozone bailout and €1.5bn in profit from the European Central Bank’s bond-purchasing scheme.
A spokesman for the European Commission said in Brussels today (26 July) that officials from eurozone finance ministries had taken the decision during a conference call this morning after concluding that Greece had met the conditions to receive the next tranche of its €173bn bail-out.
The aid is expected to help Greece over the summer, and is supposed to help delay until after a general in Germany on 22 September a contentious discussion about how to bring down its unsustainable debt.
The eurozone member states earlier this week delayed approval for the next tranche to maintain pressure on Greek lawmakers. Yesterday, Greece’s parliament approved additional measures to streamline the country’s tax system and to slim down its public sector.
Around 4,200 public-sector workers, including many teachers, are to be taken off their jobs by the end of July, at 75% of their salaries. From that labour reserve, they will either be re-assigned or dismissed if no other position has been found for them after eight months.
Greece has committed itself to put some 12,500 civil servants into the labour reserve by the end of September. Another 12,500 will face the same move by the end of the year.
Click Here: All Blacks Rugby Jersey