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Greece will receive fifth tranche of bailout loan

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by Kay Mitchell

Euro zone finance ministers have approved the latest instalment of financial aid for Greece.

The latest tranche of €12 billion will be released this month so the crisis-torn economy can avoid defaulting on its mountain of debt.

The release of the funds comes after the Greek parliament approved fresh austerity measures, which include further spending cuts and tax hikes.

However, the measures have caused uproar among Greek citizens and last week protesters gathered on the streets of Athens to stage a 48-hour general strike, which saw the country come to a virtual standstill.

Meanwhile, the country is still in need of a second bailout package (which is expected to be in the region of €110 billion) and this is expected to be finalised in the autumn.

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News posted: July 3, 2011

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