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Greece to receive planned EUR5.2B disbursement on Thursday, EC says

10. May 2012. | 07:40 07:41

Source: MIA

The euro zone plans to pay the next disbursement of aid to Athens under its second bailout package on May 10, the European Commission confirmed, but further payments will depend on the political situation in Greece.

The euro zone plans to pay the next disbursement of aid to Athens under its second bailout package on May 10, the European Commission confirmed, but further payments will depend on the political situation in Greece.

The EUR5.2 billion payment is the last of several payments that were agreed in March when the second package was approved by euro-zone finance ministers.

For any further disbursements to be made, there must first be a mission to Athens by the troika of lenders--the European Commission, the International Monetary Fund and the European Central Bank--the office of European monetary affairs commissioner Olli Rehn said on Tuesday.

The regular quarterly troika missions are tasked with ensuring Greece is implementing the fiscal and other conditions set out as part of the EUR130 billion bailout.

Rehn's office said that no date had yet been set for that mission and the visit would only take place once the political situation there was stabilized.

Greece's two main, pro-austerity parties--New Democracy and Pasok--failed to get a parliamentary majority after elections Sunday, receiving less than a third of the vote, and efforts to end the political deadlock stumbled, raising the specter of fresh elections.

Without the bailout assistance, Greece would appear almost certain to default on its debts in the coming months.

The financial chaos has sparked huge social unrest in Greece and led to a deep mistrust of the parties considered to be the architects of austerity.

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