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European Financial Institutions to Issue Greece Next Installment of Bailout Money

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International debt inspectors deciding what to do about the Greek economy have announced an agreement has been reached likely clearing the way for Athens to receive the next installment of its bailout package.

A joint statement by the International Monetary Fund, the European Central Bank and the European Commission says recent austerity reforms taken by Greece appear to be enough to allow for the disbursement of $3.7 billion in the near future. Among the reforms are more cuts to civil service jobs.

Greece has been dependent on bailout money since 2010 to keep from going bankrupt. It is scheduled to receive some $350 billion in bailout funds over several years. In return, Greece has promised to reform the Greek economy with tax hikes and spending cuts.

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