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Eurozone decision on Greek loan payout due in Oct

News18test sharma |

Updated: September 16, 2011, 4:42 PM IST
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Eurozone decision on Greek loan payout due in Oct
Greece's intl rescue partners will decide in October whether to give it a batch of bailout loans.

Wroclaw: Greece's international rescue partners will decide in October whether to give it a batch of bailout loans needed to keep it from a disastrous bankruptcy, the head of the eurozone finance ministers' group said Friday.

The next euro 8 billion (USD 11 billion) installment of Greece's bailout package depends on a review of the country's finances. But officials from the eurozone and the International Monetary Fund have delayed their assessment amid questions about whether Greece was doing enough to cut its deficit.

Jean-Claude Juncker said officials welcomed "the renewed, firm commitment of Greece" to its austerity program and said they "would decide in October on the next tranche."

A delegation from the eurozone, the IMF and the European Central Bank unexpectedly left Athens on September 2, delaying a much-awaited confirmation that Greece was meeting the terms of its euro110 billion bailout agreed in May, 2010.

Fears that Greece might not get the next tranche and default have made Greek bond prices plummet, weighed on the euro's exchange rate with the dollar and roiled stock markets.

First Published: September 16, 2011, 4:42 PM IST
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