Regions

Eurozone officials would meet on Monday to send approval for another tranche of bailout funds amounting to Eur2.8 billion or US$3.65 billion for Greece. Before such amount is to be released, there is a required passage of a reform law from the country's legislative body.

This requirement was confirmed by the Greek Finance Minister as he would also be attending the Eurogroup Working Group meeting on Monday. This meeting is attended by Eurozone deputy finance ministers or senior treasury officials of member countries according to Yannis Stournaras, the Greek Finance Minister.

Depending upon the reform laws passed in Athens, the finance ministers would again meet on May 13 to pass approval of another tranche of rescue loans worth Eur6 billion. 

According to Greek Finance Minister, the money to be released would be spent on wages, pensions and bonds that would fall due on May 20. He thus urged lawmakers to pass the said reform measure.

He added, "Passing the bill opens the way for the disbursement of Eur2.8 billion... it doesn't get more urgent than that."