Euro Crisis

Greece Gets More Bailout Money in Return for Promised Cost Controls

What's that about good money after bad?


Greece has secured a deal to unlock the latest bailout instalment.

The Troika agreed to grant the 2.8 billion euros loan on the condition that Athens cuts thousands of civil service jobs.

Greece was able to convince international creditors that important progress had been made on economic reforms.

Greek Finance Minister Yannis Stournaras said that "with the smooth conclusion of the agreement we can deliver a message of optimism but not to relax until Greece can re-enter the markets." Adding that "the road is rocky."

The news was greeted with less enthusiasm by workers who are protesting against austerity measures imposed as part of the rescue plan.