Euro Working Group News

Greece Secures Aid Tranche after Passing Reforms

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.