Thursday, January 5, 2012

EU/IMF aid schedule for Greece pushed back 3 months

Reuters
January 5, 2012

Greece's entire schedule of emergency loans from the European Union and International Monetary Fund is being pushed back by three months because of a delay in the payout of a tranche in 2011, the European Commission said on Thursday.

The next 5 billion euro (4.1 billion pound) tranche for Greece that was originally scheduled to be paid in December 2011 is now to be paid out in March 2012, Commission spokesman Olivier Bailly said.

A further 10 billion euros that Greece was originally to receive in March this year, will now be paid only in June and all of those sums can also be delayed if inspectors judge Athens is failing to deliver promised fiscal reforms.

"That cannot be changed," Bailly said, referring to the three month rhythm in paying out tranches of the first Greek rescue programme.

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