Euro zone won’t release new money for Greece until reforms done

November 10, 2015

The euro zone will release the next tranche of loans for Greece as well as money for bank recapitalization only after Athens implements agreed reforms, euro zone finance ministers said, noting a Greek pledge the conditions would be met this week.

A European Central Bank Stress test showed at the end of October that Greek banks needed a total of 14.4 billion euros in additional capital if they were to survive a scenario of adverse economic conditions.

Some of the needed total is likely to come from private investors, but the euro zone will have to provide the rest, using all or part of the 10 billion euros already earmarked for that purpose in the euro zone’s bailout fund.

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