BUSINESS

Euro Working Group gives green light for 1 billion euros in rescue loans

The Euro Working Group on Friday approved the release of a 1-billion-euro tranche of rescue loans to Greece after deeming that Athens has honored the six so-called "prior actions" required to release the funding.

The prior actions included revisions to the profit margins of Greek pharmacists and the adoption of a new code of conduct for politicians which includes banning ministers and their relatives and friends from engaging in business practices that could be deemed as creating a clash of interests.

The final approval for the funding is expected to be given at a Eurogroup summit on Monday.

A second tranche of rescue funding, also worth 1 billion euros, is tied to another six prior actions including the part-privatization of the Public Power Corporation (PPC) which has fueled political controversy and tensions with the PPC's labor union GENOP.

Online