Greece's latest tranche of aid could be made in separate instalments, European Commission Vice-President Olli Rehn said on Friday,keeping the pressure on the country to meet the bailout demands of its international lenders.
The country is battling through its sixth year of recession,and the latest instalment is one of the last big cash injections it stands to get before its 240-billion-euro ($311 billion) bailout expires at the end of 2014.
Now, Greece is waiting to learn whether its failure to meet a key deadline for public sector reforms could jeopardize further financial aid. The country was supposed to transfer or dismiss 12,500 state workers in June, but is yet to do so. The "troika" of lenders - the European Union, European Central bank and International Monetary Fund (IMF) -have threatened to freeze further aid unless Greece makes the reforms by Monday, when euro zone finance ministers will meet to discuss the matter.
Speaking at a seminar in his hometown of Mikkeli in Finland, Rehn said that Greece's funding was conditional on reforms continuing, and could be paid in tranches.
"It is possible, but not certain. It all depends on whether Greece can meet all requirements that they are committed to… Talks are continuing and they will continue as long as needed," Rehn said, according to a Reuters report.