• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

After hitting oil tankers, Iran targets Navy warships and U.S. retaliates with 'higher economic cost' in new escalation that could transform the war

2

Widow of airman killed in Mideast was told hazard pay and combat-related tax breaks wouldn't apply because 'we were not at war.' A viral post fixed it

3

Despite being a multimillionaire, Suze Orman still cooks at home whenever possible—and says eating out is one of the biggest wastes of money

1

After hitting oil tankers, Iran targets Navy warships and U.S. retaliates with 'higher economic cost' in new escalation that could transform the war

2

Widow of airman killed in Mideast was told hazard pay and combat-related tax breaks wouldn't apply because 'we were not at war.' A viral post fixed it

3

Despite being a multimillionaire, Suze Orman still cooks at home whenever possible—and says eating out is one of the biggest wastes of money
Greece

The IMF Has Approved a $1.8 Billion Conditional Loan For Greece

By
Reuters
Reuters
Down Arrow Button Icon
By
Reuters
Reuters
Down Arrow Button Icon
July 20, 2017, 10:31 PM ET
GREECE-EU-EUROZONE-DEBT
People gather in front of the Greek Parliament in Athens on July 12, 2017. The EU recommended on July 12, 2017 that three times bailed-out Greece has made enough progress in balancing its budget to be removed from special oversight of government spending.The move is a further boost for Athens days after it secured a fresh tranche of cash from its latest bailout to meet crucial debt payments and avoid a fresh crisis. / AFP PHOTO / Eleftherios Elis (Photo credit should read ELEFTHERIOS ELIS/AFP/Getty Images)ELEFTHERIOS ELIS AFP/Getty Images
Google source logo
Add Fortune on Google for similar content.

The International Monetary Fund on Thursday approved in principle a $1.8 billion standby loan arrangement for Greece, making a conditional commitment to help underpin the country’s long-running bailout program for the first time in two years.

But the IMF’s approval-in-principle means the fund will not make any money available until after it receives “specific and credible assurances” from Greece’s European lenders to ensure the country’s debt sustainability.

The approval is also conditional on Greece keeping its economic reforms on track. The current bailout, Greece’s third since 2010, is now shouldered exclusively by European institutions.

A second Executive Board decision will be needed to make the IMF program fully effective, the IMF said. The arrangement will expire on Aug. 31, 2018, shortly after Greece’s European Stability Mechanism loan program ends.

For more about Greece, watch Fortune’s video:

“The program provides both breathing space to mobilize support for the deeper structural reforms that Greece needs to prosper within the euro area and a framework for Greece’s European partners to deliver further debt relief to restore Greece’s debt sustainability,” IMF Managing Director Christine Lagarde said in a statement.

Lagarde had refused to join the latest bailout in 2015, arguing it would not be sustainable without debt relief and deeper spending and economic reforms in Greece.

But after two years of wrangling over debt relief, she agreed to support a conditional IMF participation in the bailout in June as part of a deal that unlocked 8.5 billion euros in loans

Delia Velculescu, IMF mission chief for Greece, told reporters on a conference call there was no deadline for European lenders to agree on debt relief over the next 13 months.

The program, which contains an overall central government debt ceiling for Greece, assumes that Greece’s primary fiscal surplus will reach 2.2% of gross domestic product in 2018.

“We think this is appropriate for Greece and we’re not expecting additional measures to underpin this target,” she said, adding the 2019 target of 3.5% required previously legislated reforms to kick in.

Lagarde has argued that the 3.5% target required by European lenders is too burdensome, and that the IMF wanted to see the surplus target quickly reduced to a more sustainable level of 1.5% of GDP.

About the Author
By Reuters
See full bioRight Arrow Button Icon
Google source logo
Add Fortune on Google for similar content.

Latest in International


Most Popular

Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • TikTok icon
  • YouTube icon

    Latest in International


    Most Popular

    © 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
    FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.