Greece to get €8bn more bailout cash

Greece is set to receive a further €8bn of bailout cash from the troika - the EU, IMF, and ECB - in early November, buying it more time to avoid a hard default.

Greece has only made partial progress in meeting the conditions of the latest tranche of funding agreed in May last year, which involved harsher austerity measures to reduce its deficit. Now the eurozone authorities say Greece's fiscal target for 2011 is not achievable. "The success of the program continues to depend on mobilising adequate financing from private sector involvement and the official sector," the troika said in a statement. "The fiscal target for 2011 is no longer within reach, partly because of a further drop in GDP, but also because of slippages in the implementatio...