Greece bailout funds released; EU's Juncker hails Greek efforts

Athens

GREECE got more than seven billion euros (S$10.6 billion) in bailout funds on Tuesday after a review of the country's progress in implementing economic reforms, the head of the eurozone's bailout fund told reporters in Athens.

Greece needs the money to pay off growing state arrears, maturing ECB (European Central Bank) bonds and International Monetary Fund (IMF) loans. Talks with its foreign creditors over Greece's efforts to implement a reform programme have dragged on for six months.