Wall Street Journal
June 20, 2011
Greece will get its next quarterly installment of bailout money, but only after the country's Parliament passes a contentious package of budget measures, European finance ministers said after a two-day meeting at which they also made long-planned changes to the euro zone's bailout funds.
The ministers deferred any final decision on the installment payment until early July, after the vote in Parliament, and showed modest signs of progress toward a broader agreement for a bigger package of aid to Greece for coming years. They set another meeting for July 3.
Meanwhile, the International Monetary Fund, the European Union's partner in its euro-zone bailouts, warned in a report that the debt crisis "threatens to overwhelm" broader economic recovery and that "much remains to be done" to fix the euro zone—the fund's toughest language to date.
The finance ministers did spell out at the meeting how they would increase the size of the EU's current, temporary bailout fund, and they decided on the final form of an agreement on the creation of a new bailout fund. It must be now ratified by national parliaments.
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