FinMin: Greece achieves 2 years extra on bailout

Greek FinMin: Greece has achieved 2-year extension to its bailout program

Associated Press

ATHENS, Greece (AP) -- Finance Minister Yannis Stournaras says Greece has achieved an extension to meet the terms of its international bailout program.

Greece's government has been locked in talks with its international creditors over a €13.5 billion ($17.56 billion) package of new austerity measures for the next two years. Its current multibillion-euro bailout program, under which it receives rescue loans in return for imposing reform measures, was due to run out at the end of 2014. Greece has been asking for the program to be extended by another two years to 2016.

Speaking in Parliament Wednesday, Stournaras said that Greece now had an extension to reform its finances, without specifying its length.

Without the extension, he said, the country would have had to impose measures of €18.5 billion instead of €13.5 billion.

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