Greece To Seek Aid From Foreign Lenders

July 7
9:25 PM 2013

On Sunday, EU and Greek officials said that Greece is likely to reach a deal with foreign lenders. This was about its latest bailout review that would take place before the finance ministers of the euro zone on Monday.

Athens has been in discussions with inspectors from the European Union, European Central Bank and International Monetary Fund for nearly a week. This was to show that the country can deliver on its pledges after failing to meet public sector reform targets.

On Monday, Greece hoped that the ministers of the euro zone would free up its next Eur8.1 billion aid during the meeting. The country needs part of the aid to redeem around Eur2.2 billion of bonds in August.

Greece relied on foreign aid to stay afloat. Failure to successfully conclude its bailout review could push it close to bankruptcy once again. This would trigger a new upsurge in the euro zone crisis.

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