A new deal for Greece: European finance ministers have agreed to unlock loans worth 8.5 billion euros ($9.5 billion) that Athens needs to make crucial debt repayments due in July.
The deal removes the immediate threat of a new Greek crisis. But no agreement was struck on the bigger issue of whether creditors should ease the country’s debt burden.
The International Monetary Fund also agreed on Thursday to join the bailout. But it will contribute funds only when Europe provides more clarity on the debt relief the IMF says Athens desperately needs.