Eurogroup gives Greece a week to pass second set of milestones

Chris Papadopoullos
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Greek finance minister Euclid Tsakalotos (left) has been given one week to pass new reforms by Dutch finance minister Jeroen Dijsselbloem (right) (Source: Getty)

Another week, another Greek bailout deadline. Greece needs to get a move on with passing reforms, the group of Eurozone finance ministers told the country yesterday.

Greece is inline for a further €1bn (£720m) to boost its state finances if it can pass a second set of ‘milestones’. The anti-austerity government has reluctantly passed reforms to avoid bankruptcy.

“The design of the second set was agreed in November,” said dutch finance minister and Eurogroup chief Jeroen Dijsselbloem.

“The objective is to settle this by mid-December so we can focus on some of the major fiscal and structural reforms that need to be finalised for the first review early next year.”

The last dispersal of cash for recapitalising Greek banks is expected to be released tomorrow.

Read more: Investors brace themselves for Greek bank recapitalisation

So far Greece has been granted €17.7bn from the European Stability Mechanism to cover debt repayments, public finances and bank recapitalisation.

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