Greece reaches deal with creditors to unlock further bailout funds

Saturday, Dec 12, 2015,10:40 IST By metrovaartha A A A

Athens | Greece has announced that it reached a deal with its international creditors on the latest set of reforms needed to receive another tranche of EUR1 billion in much-needed bailout loans.

“We have reached an agreement for this cycle”, Greek finance minister George Stathakis told reporters Friday after a meeting with the quartet of creditors — the European Commission, the European Central Bank, the International Monetary Fund and the European Stability Mechanism.

This round of funding was contingent on reaching an agreement on the terms of a privatization fund and the sale of electricity distributor Admie. The state will take a 51 per cent stake in Admie, while the rest will be sold to private investors and a portion floated on the Athens stock exchange.

The Greek parliament will vote on the bill next Tuesday, as required by law. Greece in July accepted a three-year, EUR 86billion (USD 93-billion) EU bailout that saved it from crashing out of the eurozone, but the deal came with strict conditions. The beleaguered nation received its first bailout payment in August and the second in November, each time pushing through a number of unpopular reforms under the terms of the release.