Euro area finance ministers blessed the next disbursement of emergency aid for Greece, highlighting the goodwill that led to the unblocking of loans last month for Prime Minister Antonis Samaras's government.
The trouble-free payout of new loans for Greece indicates greater European political confidence in the ability of the government in Athens to press ahead with budget cuts and market-opening initiatives outlined in the nation’s international aid programme. That in turn has helped lessen speculation that was rife last year about a possible Greek exit from the 17-nation single currency.
The disbursement for January is part of a €49.1 billion tranche that the euro area approved last month for Greece through March after revamping the nation’s second rescue. Policy-makers gave the Samaras government two extra years until 2016 to meet budget-cutting targets. Greece received €34.3 billion last month, including funds for banks. After the January disbursement, the country is due to get about €5.6 billion for budget obligations in two separate payments in February and March. The International Monetary Fund is contributing a separate amount to Greece of about €3 billion this quarter.
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