Greece is ready to receive next part of the loan-Says EU

Greece is ready to receive next part of the loan-Says EUAccording to the European Commission, Greece has fulfilled all the terms and conditions to receive the second installment of the rescue loan of 110 billion euros.

Greece has already received 20 billion euros as a part of the loan from the International Monetary Fund (IMF) and European Commission. The government of Greece has implemented huge spending cuts to stable the budget deficit of the country but that has also hampered the economic growth of the country.

The economy of Greece has fallen down by 1.5% in the second quarter of this year. On the other hand, the IMF has said that Greece had made strong start in this year to tackle with its deficit and that is why IMF is confident that Greece would be eligible enough to receive the next installment of the loan.

All the finance ministers of the Eurozone countries will be at Brussels on 7th of September to approve the loan which is to be paid on 13th September. Greece has managed to continue nice budgetary consolidation in the first six months of the current year and also showed progress in its major structural reforms.