European Commission confident on unlocking funds to Greece next week


The European Commission is confident Greece will have made enough progress on reforms by next week to permit a decision to unlock bailout funds at a June 16 meeting of eurozone finance ministers, a top official said on Wednesday.

Greece and its international lenders wrapped up the bulk of reforms needed for badly needed bailout cash in May, but left some loose ends which must be tied up before Athens can receive 10.3 billion euros ($11.48 billion) by September.

"I am totally confident on the fact that next week … the Eurogroup will be in a position to formally decide on the unlocking of 10.3 billion euros in several tranches," Economic Affairs Commissioner Pierre Moscovici told French lawmakers in Paris. [Reuters]