Remember, This was supposed to happen 3 months ago ... "Greece tranche decision delayed until October: Juncker" link ~ Greece 11 billion tranche decision delayed until October: Juncker Wednesday 30 November 2011
Greece to get 8 bn euro aid tranche by December
The eurozone's finance ministers have finally agreed, on 29 November, to pay out their €5.8 billion share of a loan to Greece in time for it to meet its obligations by mid-December. The tranche, Greece’s sixth under its first, €110 billion bailout, was agreed after the country’s interim Premier, Lucas Papademos, and leaders of the country’s main political parties, sent letters agreeing to support a second bailout deal inked in October.
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However, ministers called on the government to speed up talks with banks and insurers on the deal, which includes Greek bondholders shouldering 50% losses on their holdings, rolling over their existing bonds in exchange for collateral from the eurozone’s Financial Stability Facility (EFSF).
“We called on the Greek authorities and the representatives of creditors to speed up negotiations to find an agreement in January, ensuring the highest participation rate,” said Eurogroup head and Luxembourg’s Prime Minister Jean-Claude Juncker.
Greek Finance Minister Evangelos Venizelos said that “all the necessary conditions” were in place in the country to go ahead with the aid payment and the second bailout.
“We have the necessary political consensus, we have the necessary national unity and also the national commitment and determination to go ahead,” he told reporters, on 29 November.
“We are also ready to contribute in this very important discussion for the future of the eurozone, for a strong eurozone, which is capable to react and send very clear messages to the markets.”
The money will be signed off at the beginning of next month once the International Monetary Fund’s Executive Board agrees to pay its €2.2 billion share.
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