News Summary: Greece rescue loan payments OK'd

AP News
Posted: Jul 08, 2013 3:50 PM

FUNDS APPROVED: Greece's creditors approved the release of 6.8 billion euros ($8.7 billion) in bailout funds over the next few months, provided the country sticks to the cuts and reforms it agreed to in return for the loans.

MORE CUTS: The reforms must include firing several thousand civil servants. Municipal workers across the country went on strike to protest the plan.

GRIM CONSEQUENCES: Experts from the European Central Bank, European Union and International Monetary Fund said the country's reform program is largely on track, but moving too slowly. They warned that its economic outlook remains uncertain. Greece is stuck in a yearslong recession and unemployment has spiraled to above 27 percent, in part because of the reforms and austerity measures.