ECB Approves Greek Bailout Extension, But Raises Concerns

The European Central Bank has approved the Greek government's request for a four-month bailout extension, but -- like the International Monetary Fund -- has raised concerns about the lack of details in the reform list. ECB President Mario Draghi said in a letter to Eurogroup President Jeroen Dijsselbloem that the Greek proposal doesn't fully elaborate on concrete measures and commitments in regards to growth, public finances and financial stability. "I would also again urge the Greek authorities to act swiftly to stabilize the payment culture and refrain from any unilateral action to the contrary," Draghi said in the letter. The IMF, the Eurogroup and the European Commission have also backed the bailout extension, leaving eurozone member states to sign off on the deal later in the week. Greece's Athex Composite index jumped 9.7% to 936.66.

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