At this month's end, Greece will begin collecting its next bailout of 8.3 billion euros.
This figure was confirmed by eurozone Finance Ministers during today's meeting in Athens. Eighteen nations participated in the tightened security discussion. The state has relied on rescue loans from the IMF and other eurozone states since May 2010, in exchange for implementing reforms. Greece has many times come under fire for its slow pace and for not meeting fiscal targets.
Today's financial authorization precedes drawn-out lengthy debt inspections by the European Central Bank, the IMF and European Commission. Dutch Finance Minister and Chair of Eurogroup Jeroen Dijsselbloem described it as, "This has been an arduous process but we have now a positive outcome". The revenue will be granted in three timeframes. The first installment will be paid at April's end in the amount of 6.3 billion euros, which gives the Hellenic state enough time to meet May's bond redemption. June and July bring a 1 billion euro payout, respectively.
Eurogroup's decision today ignites the process, but certain parliaments in the eighteen member eurozone will ratify the payments before they are distributed. In total, Greece has previously taken over 200 billion euros in bailout loans, from a total of 240 billion promised euros. The bailouts will cease at 2014's end, however the IMF will offer various loans until 2016.
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