Eurozone approves deal to unlock Greece bailout cash

Jun 16, 2017, 7:34 AM EDT
(Source: Global Justice Now/flickr)
(Source: Global Justice Now/flickr)

Greece has averted fresh debt crisis, due in July, after Eurozone finance ministers on Thursday reached a deal to release the latest installment of Greece’s bailout funds.

Greece, facing a €7bn repayment of loans next month, will get 8.5bn euros from the latest tranche of bailout cash, writes the BBC.

The decision from Eurozone follows a slew of austerity measures, including income tax and pension reforms by Greece. The long-awaited bailout deal boosted investor sentiments, pushing the Greek stock market to its highest level in two years, notes The Guardian.