Lenders reach agreement on Greece economic targets

Lenders reach agreement on Greece economic targetsInternational lenders of Greece have reached an agreement on the economic targets for the Greek government and there are indications that the country is on the right path to meet the conditions, paving the way for the releasing of the next batch of the bailout package.

International lenders showed some confidence following the meeting to determine the next step to address the sovereign debt issue of Greece. The said that the aim of the effort is to ensure that the debt sustainability remains on track for the country. Greece is waiting to receive several bailout package pay outs in order to meet its debt obligations.

International debt inspectors said that they have reached an agreement on country's economic reforms on Monday. This is likely to enable the release of the next batch of assistance for the country to meet its debt obligations on time and avoid a default. The inspectors from International Monetary Fund, European Commission and European Central Bank regularly inspect the reforms as part of the multi-billion euro bailout plan.

Greece has been granted 270 billion euros in bailouts and the country is set to receive the bailout package gradually over the years provided that the country meets certain economic targets during the period.