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“Eurozone finance ministers agreed to authorise the payment of a double tranche of aid to Greece worth €7.5bn at a meeting held in Brussels on May 13,” reports I Kathimerini.

“The first tranche of €4.2bn will be transferred on May 17, and the second is to follow in June,” notes the daily, which points out this payment will be conditional on an overhaul of Greece’s tax system, the liberalisation of certain professions and the reform of the country’s civil service.

The daily adds that “the European Commission reckons deficit targets for 2013 and 2014 will be met. However, it also believes that further efforts to the tune of €7.6bn will be required for 2015-2016.”