The IMF Approved 3.4 Billion Euros Loan to Greece

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The IMF Approved 3.4 Billion Euros Loan to Greece
Franco Bazzoli

Article by

Franco Bazzoli

May 31, 2014

The International Monetary Fund (IMF) announced that it has approved the payment of 3.4 billion Euros (4.6 billion Dollars) loan installment within the program of rescuing the Greek economy.

In a statement from Friday was stated that the decision came after officials completed their final review of spending cuts and economic reforms in Greece, which is burdened by debt, which is required in exchange for the loans.

Greece depends on loans from its European partners and the IMF, since four years ago, almost went bankrupt.

The largest part of the rescue package, worth 240 billion Euros has been provided by other countries which as their currency use the Euro.

These countries last month agreed to, during August this year pay to Greece a new installment in amount of 8.3 billion Euros which will be divided in three parts.

Greek bailout program should be completed by the end of 2014, although the IMF will continue to approve several loans until 2016.

http://online.wsj.com/articles/imf-approves-4-6-billion-in-bailout-funds-for-greece-1401471994

https://au.finance.yahoo.com/news/imf-frees-4-6-billion-065540155.html

 

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