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Greek Loan Extension Negotiations to be Finalized

Negotiations on extending the international loans Greece received earlier this year to stave off bankruptcy will be finalized soon. European Commission President Jose Manuel Barroso confirmed this on Monday.
In May, Greece was told it had to start repaying its 110- billion-euro (146-billion-dollar) loan from fellow European states and the International Monetary Fund (IMF) in 2013; a deadline now seen as unrealistic.
After Ireland was granted a longer period to pay back its own 85-billion-euro rescue package last month, EU Finance Ministers acknowledged that Greece should be given equal treatment.
“The maturity of loans to Ireland and Greece have to be aligned,” Barroso said in Brussels after meeting Greek Prime Minister George Papandreou.
“The technical details are now under study and should be finalized soon,” he added.
The Commission President also said that Greece had done enough to deserve the third installment of its eurozone loan, worth 6.5 billion euros due to be released on January 19th.
The money would add to a parallel 2.5-billion-euro payment from the IMF, due to be approved later this month.
“Let me pay tribute to what Prime Minister Papandreou has achieved since taking office … he is delivering, not just committing,” Barroso said.

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