NEWS

Euro Working Group approves release of 1-billion-euro tranche for Greece

The Euro Working Group on Tuesday gave the green light for the release of a 1-billion-euro sub-tranche of rescue funding for Greece after approving plans presented by the Greek government for the restructuring of Hellenic Defense Systems (EAS).

The future of EAS was a point of contention between the coalition government and the country’s international creditors that had caused delays in a deal to secure the disbursement, which had been scheduled for July.

Although common ground was reached on this issue during a meeting between troika inspectors and the government on Monday, Greece and the international envoys have yet to bridge their differences on other issues, namely the VAT rate on food service and the lifting of a ban on home foreclosures.