Greece Secures Aid Tranche after Passing Reforms

Posted by Eric Haun
Wednesday, August 13, 2014

Euro zone countries have approved the disbursement of a 1 billion euro tranche of aid to Greece after it passed a series of reforms to qualify for the money, the Greek government said on Wednesday.

The decision came after lawmakers passed a bill last week to merge public sector pension funds and allow more construction and business activity along Greece's long Mediterranean coastline, plans for which sparked outrage in the country.

The bill also included a proposal to supervise the funding of political parties.

The money - whose release was approved by the Euro Working Group - will help Greece meet bond payments later this month and precedes a major review of Athens' progress by the European Union and International Monetary Fund in September.

Greece is forecast to return to marginal growth this year after a six-year depression that has wiped out a quarter of its output.

It has enjoyed a turnaround in investor sentiment in recent months, but remains dependent on aid from its lenders who have staved off bankruptcy with two bailouts worth nearly 240 billion euros since 2010.

(Reporting by Lefteris Papadimas; Writing by Deepa Babington; Editing by Crispian Balmer)

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Major Ivorian Cocoa Buyers Boycott Local Exporters Scheme

Major cocoa buyers are boycotting a scheme in Ivory Coast aimed at guaranteeing local firms a share of the lucrative export market, arguing that these players lack

Matson Pumps $30 Million into Alaska Operations

Ocean cargo shipper Matson, Inc. said it is moving quickly to fund improvements in its new Alaska operations following its May 29 acquisition of Horizon Lines' Alaska services.

General Dynamics Tops Q2 Estimates

General Dynamics Corp, a maker of ships, tanks and business jets, reported higher-than-expected quarterly earnings and revenues on Wednesday, and sharply raised its outlook for full-year profit.

News

Four Rescued from Boat Fire in California

U.S. Coast Guard and firefighter crews helped rescue four people from a boat fire Tuesday afternoon in Alameda, Calif.   Coast Guard Sector San Francisco Command

Major Ivorian Cocoa Buyers Boycott Local Exporters Scheme

Major cocoa buyers are boycotting a scheme in Ivory Coast aimed at guaranteeing local firms a share of the lucrative export market, arguing that these players lack

Nautilus Awards Contract for Dewatering Plant Design

Nautilus Minerals Inc. has awarded a contract for the design of the Solwara 1 dewatering plant to be used on the company’s production support vessel to the Brisbane

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1549 sec (6 req/sec)