Eurogroup finance ministers agree to debt relief for Greece

Brussels, 07 Rabi’I,1438 AH, 06 December,2016 , SPA — Finance ministers from the countries that use the euro agreed Monday in Brussels to a series of relief measures for
highly indebted Greece, dpa reported.
The foundations for the scheme had already been agreed in May, Eurogroup head Jeroen Dijsselbloem said.
The European Stability Mechanism (ESM) presented details of the scheme to ministers, who then approved it, he said.
The measures are independent of the ongoing examination of Athens’ austerity and reform programme, above all concerns about its labour market reforms.
Whether the International Monetary Fund (IMF) would participate in the new relief measures would probably not be known until the new year, Dijsselbloem said.
Until now the IMF has only played an advisory role in Greece’s bail-out programme, but has stressed the need for a reduction in Greece’s debt over the long-term to allow the country to get back on its feet.
Greece has been dependent on an international financial bail-out since an economic crisis in 2010.
12:33 LOCAL TIME 09:33 GMT