Greek bailout funds approved but debt relief still contentious

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Greece has been granted access to fresh bailout funds after what proved a relatively smooth meeting of the Eurogroup on June 15, but parties still failed to agree on debt relief.

The International Monetary Fund agreed “in principle” to a new stand-by arrangement for Greece, contingent on debt relief measures. This allowed the European Stability Mechanism to approve €8.5 billion ($9.5 billion) in support to Greece, as European authorities had made such support conditional on IMF involvement.

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