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IPFS News Link • Economy - International

Euro zone delays decision on Greek loans


Euro zone finance ministers have postponed a final decision on extending 12bn euros ($17bn) in emergency loans to Greece, until it introduces further austerity measures.

The ministers said on Monday that they expected to pay the next tranche of a 110bn-euro bailout package, backed by European Union and the International Monetary Fund, by mid-July.

Greece has said it needs the loans by then to avoid defaulting on its debt.

Keeping up their pressure on Athens, where public opposition to austerity has been growing, the ministers insisted that disbursement would depend on the Greek parliament first passing laws on fiscal reforms and selling off state assets.

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