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Greece, Lenders Agree on Next Bailout Installment

  • VOA News

Protesters chant anti-austerity slogans during a rally in the northern Greek port city of Thessaloniki, March 19, 2014.
Greece has reached a long-delayed agreement with its foreign lenders to release a badly needed installment of its economic bailout package.

Officials with the European Union, European Central Bank and International Monetary Fund say Greece should receive the money within weeks.

Talks dragged on for close to seven months over a number of issues, including government spending cuts and how to keep local banks strong.

Greek Prime Minister Antonis Samaras has promised to use some of the money to directly help poor Greeks, pensioners and government workers most affected by the cuts.

Greece was one of the first countries badly hit by the global economic recession of 2008. The multi-billion-dollar bailout by the three lenders pulled it back from the edge of bankruptcy.