Finance ministers in Europe agreed to ease Greece’s debt load and extend additional bailout loans, considering the decision a huge development to resolve the debt crisis.
The eurozone officials, following 11-hour discussions, voted to provide new loans amounting to €10.3 billion ($11.5 billion).
The decision came after the parliament authorized further spending declines and tax increases sought by global creditors.
The International Monetary Fund has been particular regarding Greece’s public debt, reiterating it is not viable at current levels of around 180% of its annual gross domestic product.
The material has been provided by InstaForex Company – www.instaforex.com