BRUSSELS, Oct. 11 (UPI) — Financial authorities in Europe said Greece was cleared for the next tranche, or installment, out of its $150 billion international bailout loan.
“The next tranche will be available, possibly, at the start of November,” said the troika, which is made up of the International Monetary Fund, the European Commission and the European Central Bank.
The Wall Street Journal reported Tuesday the decision allows Greece to borrow an additional $10.92 billion from the troika.
The decision to release the funds had taken months — a nail-biting period in which Greece announced its economy was contracting more than originally predicted.
Greece said its economy would shrink by 5.8 percent this year, instead of the previously forecast drop of 3.8 percent. As such, many assumed Greece would not qualify for the next round of financial assistance.
Greece has said without further assistance, it would fall into default in November.
Greece, however, has agreed to $9 billion in additional austerity measures, the Parliament recently passing an unpopular property tax bill.
Greece, however, is not out of the woods, the troika said.
“Looking to 2013-14, additional measures are likely to be needed to meet program targets,” the troika said in a statement.