Eurozone FinMins Give Greece Another 4 Months To Get Its Life Together

Eurozone finance ministers approved a four-month extension to Greece’s bailout on Tuesday, despite signaling concerns over the willingness of the new left-wing government in Athens to implement the budget cuts and legislative overhauls they demanded. The extension removes the immediate threat of a Greek exit from Europe’s currency union and a run by depositors on the country’s banks. “Greece has won a few weeks,” said a senior Finance Ministry official in Athens. But numerous hurdles remain until the government can get its hands on the cash remaining in its €240 billion ($273 billion) bailout from the eurozone and the International Monetary Fund and negotiate a longer-term rescue deal with its creditors. [WSJ]