New York Times
November 23, 2010
Greece’s international lenders cleared the way Tuesday for Athens to receive another installment of its bailout package, saying the government had made significant progress in reducing the budget deficit. But they warned that “extra effort” would be needed to meet next year’s targets.
The green light came as the embattled coalition government in Ireland was putting the final touches on a budget, due Wednesday, that will be crucial in unlocking its own international aid package.
The review of the Greek program clears the way for the disbursement of €9 billion, or $12 billion, in January, part of a €110 billion loan for Greece that was agreed to last spring.
The European Commission, the European Central Bank and International Monetary Fund said that the Greek austerity program “remains broadly on track,” and concluded that the economy should begin turning around in 2011.
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