Greece reaches deal to unlock further bailout funds

[ATHENS] Greece announced Friday it had reached a deal with its international creditors on the latest set of reforms needed to receive another tranche of one billion euros in much-needed bailout loans.

"We have reached an agreement for this cycle," the finance minister George Stathakis told reporters after a meeting with the country's quartet of creditors - the European Commission, the European Central Bank, the International Monetary Fund and the EU's bailout fund, the European Stability Mechanism.

This round of funding was contingent on reaching an agreement on the terms of a privatisation fund and the sale of electricity distributor Admie.

The state will take a 51 per cent stake in Admie, while the rest will be sold to private investors and a portion floated on the Athens stock exchange.

The Greek parliament will vote on the bill next Tuesday, as required by law.

Greece in July accepted a three-year, 86-billion-euro (S$131.5-billion) EU bailout that saved it from crashing out of the eurozone, but the deal came with strict conditions.

The beleaguered nation received its first payout in August and second in November, each time pushing through a number of the unpopular reforms under the terms of the release.

AFP