Financial Times
August 19, 2010
Greece is in line to receive a further €9bn ($12bn, £7bn) in eurozone loans after the European Commission on Thursday cleared the second tranche of the bail-out facility agreed to alleviate its fiscal troubles.
Olli Rehn, Commissioner for economics and monetary affairs, praised the measures taken by George Papandreou’s government in recent months but warned of possible problems ahead.
“Greece has managed impressive budgetary consolidation during the first half of 2010 and has achieved swift progress with major structural reforms,” said Mr Rehn.
But he warned: “Despite the significant progress made, challenges and risks remain. The main immediate challenge is to safeguard adequate liquidity and financial stability of the banking sector.”
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