Euro zone grants multi-billion euro lifeline for Greece

[dipsydoodle]

Source: Reuters

(Reuters) - Greece secured a 6.8 billion euro (5.8 billion pounds) lifeline from the euro zone on Monday, officials told Reuters, but was told it must keep its promises on cutting public sector jobs and other reforms in order to get all the cash.

The deal, which spares Greece defaulting on debt that falls due in August, will see Athens drip fed support under close watch from its international creditors to drive through unpopular reforms.

Under the terms of the deal, euro zone finance ministers agreed to make staggered payments of aid to Greece starting with a 2.5 billion euro instalment from euro zone countries in July, said officials close to the talks.

The agreement foresees a further payment from euro zone countries of 500 million euros in October.

Central banks in the Eurosystem will contribute 1.5 billion euros in July and 500 million euros in October, the officials said. The International Monetary Fund will give 1.8 billion euros in August.



Read more: http://uk.reuters.com/article/2013/07/08/uk-eurozone-eurogroup-idUKBRE9660K920130708

[another_liberal]

1. Other reforms?

Like agreeing to sell the Parthenon to the Sultan of Brunei, for the site of his new Winter palace, no doubt. Maybe the extraction and sale to the highest bidder of a pint of blood from every Greek working and middle class person every month. Things like that?

[dipsydoodle]

2. They last blanked on this subject : not from want of trying.

The Greek government has admitted the planned privatization of the domestic gas supplier DEPA has had to be postponed. It said no serious bidders were left in the end, with Russia's Gazprom opting out too.

The timing for the announcement couldn't have been any worse. Just as international lenders from the European Union, the European Central Bank and the International Monetary Fund resumed their audit of Greece's spending cuts, Athens had to report that the planned privatization of gas utility company DEPA had failed, at least for the time being.

Greece was unable to attract any binding bids for the firm, making the country unlikely to meet privatization targets under the current EU/IMF bailout scheme.

http://www.dw.de/greece-fails-to-privatize-state-gas-company-depa/a-16872352

I have a feeling the issue was poor infrastructure for which the new owner would've become liable.

[another_liberal]

3. Thank you for the details.

Sad though they clearly are for the people of Greece.

[JackRiddler]

6. Incredible that these entities "audit" the Greek budget...

while the debt itself, one-quarter of which appeared by surprise after being hidden until 2009, has yet to be subjected to a public audit.

[Dawson Leery]

4. kick

[JackRiddler]

5. New Phase of Strangling the Greek People Begins.

Just fixing the headline.