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GreekReporter.comGreek NewsEconomyEurogroup Approves 9.2 Billion Euro Tranche for Greece

Eurogroup Approves 9.2 Billion Euro Tranche for Greece

Eurogroup finally reached agreement on aid for Greece
Eurozone finance ministers approved a 9.2-billion-euro loan tranche for Greece on Monday. Eurogroup – as expected – focused on who will preside over its regular meetings in the future.
The ministers formally elected the Dutch Finance Minister Jeroen Dijsselbloem as the next President of the group, which comprises the finance ministers from 17 Eurozone countries. The post was held by Luxembourg Prime Minister Jean-Claude Juncker.
The Euro Working Group had already recommended to the group of 17 finance minister that Athens receive its latest bailout installments after meeting targets set for January, including the passing of a new tax law and the increase in electricity charges.
Last week, the International Monetary Fund agreed to release its share of funding for Greece, which amounts to 3.2 billion euros.
Luxembourg Prime Minister Jean-Claude Juncker presided over his last meeting as chair of the Eurogroup. Here is his last statement on Greece as Eurogroup President.

The Eurogroup notes with satisfaction that the MoU milestones for January, agreed between Greece and the Troika, have been achieved. In particular, an income tax reform has been adopted and enduser electricity prices for low-voltage customers as well as the levy on renewable energy sources have been adjusted. We welcome the commitment of the government to adopt a simplification of the income tax code by spring.
Against this background, the Eurogroup looks forward to the disbursement later this month of EUR 2 billion of the second instalment under the second economic adjustment programme for Greece, to be formally decided by the EFSF Board of Directors.
Furthermore, the Eurogroup recalls that a further amount to cover bank recapitalisation and resolution costs of EUR 7.2 billion will also be paid out to Greece following the formal decision by the EFSF Board of Directors.

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