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Eurogroup approves staggered payments of 6.8 bln euros to Greece by October

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A Eurogroup meeting on Monday evening agreed to make staggered payments of its financial aid to Greece, Jeroen Dijsselbloem, told reporters.

Speaking to reporters, the Eurogroup’s president said creditors agreed to disburse 4.0 billion euros to Greece in July, of which 2.5 billion euros from the European Financial Stability Fund, while central banks will contribute 1.5 billion euros from their profits on Greek state bonds (SMP).

Additionally, an installment of 1.0 billion euros is expected in October, of which 500 million euros from EFSF and another 500 million euros from the SMP programme.

Christine Lagarde, the IMF managing director, said the Fund’s board will meet in July 24 to approve the disbursement of a 1.8-billion-euro loan tranche to Greece.

In addition, a VAT reduction from 23 to 13 percent in food services is also extremely likely, Finance Ministry officials said late Monday night after the meeting ended.

The final decision will be taken in the next few days.

According to the same sources, Greece worked hard with heads of countries and governments of fellow EU states to persuade its partners on the necessity of VAT reduction in food services.

Source: Athens News Agency

Last Updated Tuesday, 09 July 2013
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