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IMF Approves 2.3 Billion Aid for Greece After Audit

The International Monetary Fund on Monday approved a further 1.7 billion euros ($2.3 billion) in funds for Greece’s bailout program after completing the fourth review of the cash-strapped euro zone state.

Greece last week adopted the last piece of legislation its international lenders required to release the next batch of rescue loans, after two months of wrangling over unpopular measures to overhaul the economy. The total funds from the IMF, the European Commission and the European Central Bank comprise 5.8 billion euros.

The IMF also confirmed lenders would modify Greece’s September target for how much money it needs to get from privatizing state firms, after Athens struggled to sell natural gas distributor DEPA in June.

The European Union announced the move earlier on Monday, saying Greece would now need to make only 1.6 billion euros from privatizations, down from 2.6 billion euros. But Athens will now have to recoup that money in 2014 to ensure it stays on course to lower its debt.

via CNBC [1]

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Alfonso Esparza

Alfonso Esparza [6]

Senior Currency Analyst at Market Pulse [7]
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza