Friday, June 24, 2011
Economic matters, migration, the EU's Southern neighborhood and Croatia's accession to the EU are the main themes of the European Council meeting which is currently taking place in Brussels (June 23-24). Regarding Greece’s economic situation, the Council, in its conclusions, set out the guidelines for a new funding programme, jointly supported by euro area partners and the IMF, which will allow the country to meet its needs until the end of 2014.
The disbursement of the fifth tranche of the EU/IMF loan will take place in July, provided that the Greek Parliament passes the law for the implementation of the Medium-Term Fiscal Strategic Programme. All additional funding required will be financed through both official and private sources, the latter in the form of informal and voluntary roll-overs of existing debt while avoiding a selective default. 
Prime Minister George Papandreou said that Greece has committed to continue with a tough yet important reform programme which entails drastic and profound changes, necessary if we want to make our economy solvent and sustainable. European Council: Remarks by European Council President Herman Van Rompuy
