Eurogroup Votes in Favor of Greek Bailout

Greek Flag and Map(Greece) – After much deliberation in Brussels on Tuesday night, the Eurogroup finance ministers have decided to approve the most recent Greek bailout, which would release around 10 Billion Euro in additional funds to help the country manage its mounting debt. The international creditors and Eurogroup leaders have expressed that Greece needs to agree to meet certain conditions in order to release these funds. After several rounds of votes, one of which the Greek parliament underwent over the weekend, parliament did agree to comply with the austerity measures. With the Greek government’s approval, Eurogroup leaders were ready to discuss the details during their meeting. Although there is some work that still needs to be done, Greece is on track to receive around 7.5 Billion Euro in funds by mid-summer.

After the meeting, Eurogroup leaders met with the press. The Eurogroup president, Jeroen Dijsselbloem said, “We achieved a major breakthrough on Greece which enables us to enter a new phase in the Greek financial assistance program,….This is stretching what I thought would have been possible not so long ago.”

During the meeting, many compromises had to be made in order to release the newest round of bailout funds, including the International Monetary Fund, who has said that the international creditors need to ease up on the country a bit in order to insure Greece’s long term growth. At the meeting’s conclusion, they have said that they welcome the new debt package and could offer their financial support by the end of 2016.

Poul Thomson, the European Chief of the International Monetary Fund, spoke to press after the meeting. He said, “We welcome that all stakeholders recognise that Greek debt is unsustainable. We welcome that it is understood that Greece needs debt relief to make it sustainable.And we welcome that there is agreement on the methodology and the objectives of what debt relief will achieve.”

Greece’s Finance Minister, Euclid Tsakalotos and Prime Minister Alexis Tsipras have said that the new bailout package will help turn the Greek economy around and propel it towards a new era of growth. Critics of the bailout are largely frustrated with the austerity measures and concerned about how the country would be able to make its massive debt payments. Others believe that the Greek bailout will help boost the global economy.

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