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International Information Centre for Balkan Studies



Greece jubilant after finance ministers approve €49 billion bailout payment

Greece is to get €49.1 billion worth of bailout funds after eurozone finance ministers in Brussels agreed the latest tranche of emergency funding on Thursday (13 December).

 

Athens will receive €34.3 billion "in the following days", with the remaining funds, some of which will fund recapitalisation and resolution costs of Greek banks, to be paid out in the first three months of 2013. The money will be paid out by the European Financial Stability Facility (EFSF). The decision, which was taken after a meeting lasting under two hours, follows months of marathon talks between Greece and its creditors. It also comes at the end of a successful week for Athens after a debt buy-back which saw the government buy €31.9 billion of bonds at just over a third of their face value. Speaking with reporters following the meeting, Economic commissioner Olli Rehn said that the deal marked the end of an "odyssey" for Greece. He commented that the debt-laden country had confounded the "Cassandras" who had been "convinced that the game was up for Greece in the euro area." "Solidarity in our Union is alive. Grexit is dead. Greece is back on its feet. The sacrifices of the Greek people have not been in vain. Today is not only a new day for Greece, it is indeed a new day for Europe," he told reporters Meanwhile, a statement released by euro finance ministers said that Greece's public debt back should be put on a "sustainable path to 124% of GDP by 2020".

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