Greece is set to receive the next bailout payment in its package of international aid from the European Union and International Monetary Fund as officials prepare an aid program, according to Bloomberg. The next payment of the €110 billion bailout extended to Greece in 2010 was agreed to be paid as the debt-burdened country agreed to the first steps towards an upgraded package to meet rising financing needs.
The Prime Minister of Luxembourg, Jean-Cluade Juncker announced that officials have agreed provide “additional financing” to Greece “under strict conditionality.” Juncker added that the agreement “will include private sector involvement on a voluntary basis.” The upgraded plan includes a provision that Greek Prime Minister said would include the creation of an agency to manage “significant” budget cuts and asset-sales. The deal comes as Greek was facing the sale of €27 billion in bonds during 2012.