While the Greek Parliament has given the go-ahead to a $17.45 billion spending cut and tax hike plan needed to secure release of a long-delayed $38.8 billion installment from international lenders, the money may not be disbursed until December, the Financial Times German version reported.
Greek Prime Minister Antonis Samaras had warned that unless the package was approved, the Troika of the European Union-International Monetary Fund-European Central Bank (EU-IMF-ECB) would hold back the funding and the country would run out of money by Nov. 16. The Parliament approved the package narrowly on Nov. 8.
The installment is the first part of a second bailout for Greece, this one for $173 billion. Greece was surviving on a first rescue package of $152 billion granted in 2010. The Financial Times said that finance ministers of the Eurozone, the 17 countries using the euro, will not make a decision on disbursing the loan when they meet on Nov. 12 because the parliaments of some countries must give their okay too.
(Source: tvs.gr)
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