Eurogroup calls on Greece to implement reforms before releasing next tranche

Greece must reach agreement with its international lenders on a program of reforms by 18 October so the next tranche of financial aid of 31.5 billion euros can be released, the 17-member Eurgroup finance ministers said after their meeting last night in Luxembourg. "Before the next disbursement Greece should clearly and credibly demonstrate its strong commitment to fully implement the program. The 89 prior actions agreed in March (need to be) implemented by the 18 of October at the latest," Eurogroup President Jean-Claude Juncker told a press conference in Luxembourg late Monday night. The Eurogroup approved the next disbursement of 800 million euro for Portugal. A further 3.5 billion euro for Portugal is expected to be approved soon.