A draft statement has revealed that Eurozone’s finance ministers have been briefed by Greece, where they have been told that the country aims to complete the second set of reforms stated under its bailout programme by the mid-December. The move will allow the release of the next portion of loans that the country is to receive from the European Union.

On November 23, Eurozone finance ministers met in Brussels, where they discussed the progress that Greece was making in terms of reforms and gave the green signal to release €2 billion for the completion of the first set reforms that were implemented to boost the country’s dwindling economy.

The draft statement of the ministers said: “We will now turn our attention to the next stages of the ESM programme and call on the Greek authorities to accelerate the work with the institutions on the second and final set of milestones.

“We welcome the commitment of the Greek authorities to finalise the second set of milestones by mid-December.”

Moreover, Greece will now also be able to access up to €10 billion from the Eurozone, which will be used to recapitalise its four biggest banks, two of whom were successful in raising basic additional capital from private investors required to cover capital needs outlined in the baseline scenario of the European Central Bank’s stress test  – 4.4 billion euros.

As a result, Greece will receive a total of 14.4 billion euros for the whole of its banking sector, thus pumping some more money into its lifeless economy.

The Eurozone will sanction the next portion of loans on the successful completion of the second set of reforms. The next portion of loans will amount to €1 billion.

The Global Panorama