The Eurogroup (that is, the euro zone) finance ministers approved of the plan to offer Greece a ?12bn tranche before July 15, 2011; this is part of a EU and IMF loan worth a total of ?110bn that the parties involved agreed upon last year.

Analysts report the fifth loan trance became possible after Greece’s parliament adopted the anti-crisis economic action plan on June 29.

Bank Koltso Urala Project & Analysis Director Dmitri Suplakov says any allowances offered to Greece at the moment can only serve as a temporary stopgap to relieve the country’s sick economy. The current situation is so grave that in order to save the country not just financial aid but also specific and urgent new economic planning measures are needed.

The proposal regarding the total privatization that will be carried out under the EU’s control might actually yield its results, but it’s hard to give a precise forecast of just what the country’s economy will look like after these steps,’ the bank analyst says.