Greece secures €6.8bn more in bailout funds
The Greek government has passed another crucial hurdle in its bailout programme after it secured €6.8billion (£5.8billion) from international bailout lenders. The money, which will be allocated from the troika of the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF), comes after an agreement on further cuts to the public payroll across the country.
Finance ministers meeting in Brussels said €2.5bn (£2.1billion) would come from the eurozone rescue fund and €1.5bn (£1.29billion) from the ECB. The payments are likely to be made this month, while another €500m from the rescue fund, plus €500m from the ECB, will follow later this year.
Then the IMF will loan €1.8bn, bringing the overall total to €6.8bn. However, the loans are contingent on Greece making progress with its reform programme, which has been a huge source of social contention across the country. Greece's creditors have warned that reforms are behind schedule, especially the privatisation of state assets. Last month, the sell-off of the country’s public gas company collapsed.
Around 25,000 civil servants will be put on reduced salaries, before either being dismissed or redeployed. That will add to the nation's unemployment rate which already stands at 27 per cent. On Monday thousands of Greek municipal workers and school teachers took to the streets of Athens in protest against public-sector layoffs.
Public unrest has led to political instability, and four different Greek governments in as many years.
International Women's Day 2014: The shocking statistics that show why it is still so important
Feminist quotes to inspire you on the International Women's Day
Oscar Pistorius trial: Case turns into a bizarre safari following the tracks of a wounded lion
Belle Knox: How the porn star student from Duke University became bigger than Justin Bieber
Liam Neeson on death of wife Natasha Richardson: ‘When I hear the door opening, I still think I’m going to hear her’
Apple's Tim Cook: Business isn’t just about making profit
Thousands of young people forced to go without food after benefits wrongly stopped under 'draconian' new sanctions regime
Ukraine crisis: New navy chief 'defects' and surrenders Crimean HQ as Putin claims ultranationalists forced intervention
Britain's top vet sparks controversy with call for ban on slashing animals' throats in 'ritual' slaughters for halal and kosher meat products
Ukraine crisis: Russia dismisses '3am ultimatum' as 'total nonsense'
If you're horrified by a flame-roasted dog, you should be shocked at a hog roast
- 1 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 2 Academy members voted for Oscar-winning 12 Years A Slave 'without watching it'
- 3 Orgasm machine to deliver climax at the push of a button
- 4 Liam Neeson turned down James Bond role to marry Natasha Richardson
- 5 Livr: A social network only for drunk people
£12000 per annum: Inspiring Interns: A small but growing chain of boutique hot...
£12000 per annum: Inspiring Interns: The company works with Tier 1 FTSE 100 Ba...
£45 - 60k Per Annum: Charter Selection: Highly profitable leisure brand, marke...
£30000 - £50000 per annum + Highly Competitive Salary: Austen Lloyd: Residenti...