Leaders of the 17 countries of the eurozone early this morning (19 October) “welcomed” in Greece’s efforts to improve its public finances, but they stopped short of approving the next instalment of the country’s bail-out loan.

Instead, as expected, they left it to their finance ministers to decide whether to disburse the €31 billion instalment that Greece needs to avoid bankruptcy by the middle of next month. The finance ministers will meet on 12 November.

In a statement, issued on the sidelines of a meeting of all the European Union’s 27 leaders, the eurozone said that it “welcomed” the progress international lenders had made towards reaching an agreement with Greece’s government over spending cuts and tax rises “and looks forward to the conclusion of the ongoing review” by the international organisations overseeing the programme of support for Greece. The European Commission, the European Central Bank and the International Monetary Fund make up the ‘troika’ of organisations.

The statement added: “We welcome the determination of the Greek government to deliver on its commitments and we commend the remarkable efforts by the Greek people.”

It said that “good progress” had been made to bring Greece’s austerity programme back on track.

“We expect Greece to continue budgetary and structural policy reforms and we encourage its efforts to ensure swift implementation of the programme,” it added.

“This is necessary in order to bring about a more competitive private sector, private investment and an effective public sector.

“These conditions will allow Greece to achieve renewed growth and will ensure its future in the euro area.”

Click Here: pinko shop cheap