Greece to avoid default
Posted Sep 27, 2011 06:24:07 AM.
This article is more than 5 years old.
Greece’s finance minister says the country will receive the next batch of bailout loans in time to avoid a potentially disastrous default.
Evangelos Venizelos said Tuesday that the country’s international creditors were aware of Greece’s fiscal situation and that the next batch of loans, worth C8 billion ($10.8 billion), will arrive “in time.” Greece has said in the past it has enough funds to last it until mid-October.
Faced with mounting anger from the country’s international creditors, the government recently announced a raft of new austerity measures to secure the installment.
Speaking a day after returning from meetings in Washington with the IMF, Venizelos said debt inspectors from the International Monetary Fund, the European Central Bank and the European Commission would return to Athens “this week.”
