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Greece will receive "a $17 billion installment by July 15" to get them through the next few months, according to VOA News. Here is the statement made by Eurozone finance ministers. By the way, the Dow Jones Greece Stock Index is close to testing January 2011 resistance. I will provide a chart update in a new post. Greek stocks rallied along with Greek Government bonds on the austerity news.
"2 July 2011
Statement by the Eurogroup
Ministers welcomed the progress made by the Greek authorities in implementing the policy understandings reached with the European Commission, in liaison with the ECB, and the IMF. In particular, Ministers noted with satisfaction the adoption of key laws on the fiscal strategy and privatisation by the Greek Parliament. Ministers therefore endorsed the Commission's Compliance Report and the signing of the updated Memorandum of Understanding.
The Greek authorities provided a strong commitment to adhere to the agreed fiscal adjustment path and to the growth-enhancing structural reform agenda, which are essential components of our strategy to restore fiscal sustainability and safeguard financial stability. Ministers call on all political parties in Greece to support the programme's main objectives and key policy measures in order to ensure a rigorous and swift implementation.