Greece gets credit lifeline, IMF joins bailout

1 week ago Business Mail BusinessMail Cool

Greece gets credit lifeline, IMF joins bailout

By Jan Strupczewski, Renee Maltezou and Francesco Guarascio

Euro zone governments threw Greece another 11th-hour credit lifeline on Thursday worth $9.5 billion and sketched new detail on possible debt relief as the IMF finally offered to help out after two years of hesitation.

The 8.5 billion euros of loans from the euro zone’s 18 other states, including Berlin which is wary of easing terms for Greece ahead of a German election in September, lets Athens avoid defaulting on bailout repayments next month and recognises unpopular cuts and reforms the left-wing government has made.

...

Read Full Article at : BusinessMail

Trending Cyprus News

The heat is on… temperatures reach scorching 38 degrees
Summer is truly here. Temperatures expected to reach season high up to 38 degrees celcius, atmospheric dust to also make its way into the frame....
Temperatures rising in Cyprus
Temperatures ready to explode in the next few days. The Cyprus Med Office predicts that the weather for the next few days will be ideal for a...
No need to book sunbeds, ceiling price set
THE consumer association on Friday said sunbeds cannot be booked in advance and announced the maximum price operators can charge for beds and...
Coastal development is both chaotic and tragic
By Sir Christopher Pissarides Summer is here and Cypriots are flocking to the beaches for relaxation and adventure. Most will discover new...
British false claims cost Cyprus hotels millions
False food-poisoning claims by British holidaymakers to Cyprus have cost the local hotel industry well over €5 million in the last two years....
Georgiades says ‘no’ to Larnaca passenger tax plan
FINANCE minister Harris Georgiades shot down plans on Friday by Larnaca district municipalities and communities to impose a levy on all...
Brace for heatwave conditions, high risk of fires
RESIDENTS of the island will experience heatwave conditions as a gradual temperature rise, combined with a lack of wind, will dominate the weather...
Syrians sent back to Turkey
Twelve Syrian nationals tried to enter Cyprus hidden inside cargo containers shipped to Famagusta port in the north, from Turkey, Turkish Cypriot...