ECONOMY

Euro Working Group approves release of 2.8-bln-euro loan tranche for Greece

The Euro Working Group approved on Monday the release of 2.8 billion euros in bailout funding for Greece.

The tranche had been delayed since March but was given the green light by the technical team that advises eurozone finance ministers after Greece adopted on Sunday a set of reforms agreed with the troika.

A total of 168 MPs voted in favour of a multi-bill that contained provisions for 15,000 civil servants to be fired by the end of next year.

Greece is expecting to receive another 6 billion euros in the next few weeks.

a meeting of eurozone finance ministers on May 13 is expected to give the green light for another 4.2 billion euros to be transferred to Greece. This will happen without another review from troika inspectors.

The International Monetary Fund’s executive board is due to meet a few days later give the go-ahead for Athens to receive another 1.8 billion euros in loans from the Washington-based organization.

On May 20, Greece has to pay out 5.6 billion euros to cover maturing bonds held by the European Central Bank and national banks in the eurozone.

If the IMF has not disbursed the loan by then, Greece may have to resort to an emergency issue if T-bills to cover a financing gap.