Greece’s creditors in the 19-country Eurozone have agreed to give the cash-strapped country some short-term debt relief even though they remain to be convinced that the Greek government has delivered on the promises it has made in return for the bailout money that prevented bankruptcy.
Jeroen Dijsselbloem, the Eurozone’s top official, said Monday that ministers agreed to smooth some of Greece’s repayment profile and waive a 2017 increase in interest rates.
However, he said Athens still needs to do more for a successful second review of its third bailout program. A successful review is needed for further debt relief discussions and for the involvement of the International Monetary Fund in Greece’s bailout.
He said a successful review was now unlikely this year.
Greece has depended on bailout loans since 2010.