ATHENS: In a rare piece of good news for Greek leaders, the European Stability Mechanism (ECM) confirmed on Tuesday (Wednesday in Manila) that it has been forced to throw the cash-strapped country a half-billion-euro lifeline.

After a week in which Eurogroup of finance ministers and the European Central Bank turned the screws on Athens, the 555 millions euros ($593 million) will give its radical new government a brief respite from its creditors.

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