12 Oct 2011

Next tranche of loans confirmed for Greece

8:30 am on 12 October 2011

Greece's international creditors say the country will receive the next instalment of bailout loans in early November, to save it from a debt default.

There had been uncertainty about the payment because Greece has failed to meet the targets for reducing its deficit for this year.

Following days of talks in Athens, financial inspectors from the European Union, the International Monetary Fund and the European Central Bank have reached agreement with Greece on reforms to get the country's economy back on track.

They say Greece's fiscal target for this year is no longer achievable, but next year's target should be met if there is a determined implementation of the government's austerity plan.