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EU clears 1.1-billion-euro Greek bailout

dpadpa 10/10/2016

Greece is set to receive 1.1 billion euros ($A1.6 billion) in bailout aid but a further 1.7 billion euros is being held back until Athens clears more debt.

Eurozone finance ministers have given their go-ahead for Greece to be granted 1.1 billion euros ($A1.6 billion) in bailout aid, while holding back on a further 1.7 billion euros until Athens clears outstanding arrears.

The ministers welcome "the implementation by the Greek authorities of the set of 15 milestones" that were due to be completed under the country's current review, according to a statement.

They also acknowledge the "significant progress" made on arrears clearance, while noting that the process should be completed later this month.

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