EU OKs 2nd Tranche of Greek Rescue Loan

The European Commission said today that recent efforts by Greece to reduce its deficit has warranted releasing the next round of emergency funding. Greece has already received 20 billion euros (US$25.7 bn) of the 91 billion euros (US$145 bn) pledged in rescue loans.

“Greece has managed impressive budgetary consolidation during the first half of 2010 and has achieved swift progress with major structural reforms,” said European Economic and Monetary Affairs Commissioner Olli Rehn.

Source: BBC News

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