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You can find the current article at its original source at http://www.theguardian.com/business/live/2016/may/24/eurozone-greek-bailout-debt-relief-business-live
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Eurozone agrees to hand €10.3bn bailout loans to Greece - live updates | |
(35 minutes later) | |
1.35am BST | |
01:35 | |
Onto the details.... | |
The boss of the ESM bailout fund, Klaus Regling, says Greece needs to complete the outstanding ‘prior actions’ previously agreed with its lenders. | |
Then national governments must give their approval, before the first portion of the bailout funds - worth 7.5 billion euros -- can be handed over in June. | |
Updated | Updated |
at 1.38am BST | |
1.32am BST | |
01:32 | |
Moscovici: It's a very important moment | |
European Commissioner Pierre Moscovici says the eurogroup has reached a good agreement. | |
It opens the way to rebuild confidence and create a “lasting economic recovery in Greece”. | |
Moscovici adds: | |
It is a very important moment in this long and sometimes difficult journey” | |
Sometimes?! | |
1.30am BST | |
01:30 | |
Curious metaphor alert, from the Slovakian finance minister: | |
It was a complicated birth tonight. It's probably about as good as it gets. #Greece #Eurogroup #eurozone #IMF | |
1.29am BST | |
01:29 | |
The Eurogroup’s statement is online here: | |
Eurogroup statement on Greece | |
It confirms that Greece will receive its bailout loans, that the eurozone will offer debt relief, and that IMF officials are planning to recommend that they join the Greek bailout programme. | |
1.26am BST | |
01:26 | |
The key points: | |
We achieved a major breakthrough on #Greece which enables us to enter a new phase in the Greek financial assistance programme #eurogroup | |
We welcome intention of #imf management to recommend to Fund's board to approve a financial arrangement before end 2016 #eurogroup #Greece | |
1.24am BST | |
01:24 | |
Dijsselbloem sounds quite cheerful, telling reporters that this is an important moment in the long Greek saga. | |
Confidence has begun to recover since the drama of last summer, and he extends his thanks to Greek finance minister Euclid Tsakalotos and his staff. | |
We have entered a new phase, and I welcome that very much, Dijsselbloem concludes. | |
1.21am BST | |
01:21 | |
IMF 'on board' with Greek deal | |
In another important development, Dijsselbloem says that that IMF is on board with the Greek bailout. | |
He explains that the Fund’s management have agreed to recommend a new financial arrangement for Athens before the end of this year. | |
#IMF will recommend its board to stay in programme before the end of the year | |
1.20am BST | |
01:20 | |
Eurogroup president Dijsselbloem says ministers have agreed a range of debt relief measures for Greece. | |
In the short term, these relate to ‘debt management’ - smoothing Greece’s repayments to avoid any shocks. | |
Medium-term measures will kick in from mid-2018, when Greece’s bailout expires (assuming Athens complies with its demands). | |
He also explains that profits which the European Central Bank has made on Greek bonds will be returned to Athens, to help with debt sustainability. | |
1.17am BST | |
01:17 | |
This decision eases concerns that Greece could default over the summer. | |
However, most of this new loan will be returned to Greece’s creditors, of course, or used to cover outstanding government bills. | |
ESM will endorse disbursement of 10.7 mn euro - in installments (much of which Greece will send straight back in forms of arrears/loans) | |
1.13am BST | |
01:13 | |
GREECE GETS ITS BAILOUT LOANS | |
It’s official! Jeroen Dijsselbloem confirms that the eurozone’s bailout vehicle has agreed to extend €10.3bn of bailout loans to Greece. | |
But as rumoured earlier, the aid will be handed over in several instalments, not in one lump. | |
Dijsselbloem says: | |
This is very good news... the programme is fully back on track. Greece is delivering a lot, and we are making good progress. | |
#Eurogroup Dijsselbloem: ESM will be able to endorse the disbursement of 10.3bn #euros, pending national approvals. | |
Updated | |
at 1.14am BST | |
1.11am BST | |
01:11 | |
Jeroen Dijsselboem has arrived at the press conference, rubbing his hands. | |
And excitingly, IMF chief Poul Thomsen is there too. | |
Thats a first! Poul Thompsen at the briefing pic.twitter.com/sUv5hse0wA | |
1.05am BST | |
01:05 | |
Watch the eurogroup press conference here | |
Eurogroup president Jeroen Dijsselbloem is about to hold a press conference about the meeting. | |
It’s being streamed live, here (right-click to open in a new tab) |