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 November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Transpacific Box Shippers Plan Freight Rate Rise

A container shipping organisation urged companies on Wednesday to raise Asia-U.S. freight rates by at least $600 per 40-foot container (FEU) from Jan. 15, corresponding to an increase of 26.

Container Volumes on the Rise in South Carolina

Container volume up 13 percent at South Carolina Ports Authority; Charleston benefiting from federal appropriations    The SC Ports Authority announced another

Liebherr Expects Turnover Dip

For the 2014 business year, the Liebherr Group is currently anticipating an overall turnover of 8,866 million euros (2013: 8,964 million euros). In the area of construction machines and mining,

News

Damen Responds to Evolving Fishing Practices

Maaskant Shipyards Stellendam meets fishing sector’s growing needs by performing electric pulse fishing conversions   As European fishing policies evolve, so fishing techniques advance.

Maaskant Shipyards Earns ISO 9001:2008 Certificate

Maaskant Shipyards (Stellendam), part of Damen Shipyards Group, has received certification from Bureau Veritas for aligning its quality and management systems with

Duffy Named President of Carnival Cruise Line

Christine Duffy has been named president of Carnival Cruise Line, Carnival Corporation & plc. announced today.   Duffy, currently president and CEO of Cruise Lines International Association (CLIA),

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pod Propulsion Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1155 sec (9 req/sec)