Greece May Receive Almost $40Bln Until 2020 - EC President Juncker

© REUTERS / Alkis KonstantinidisGreek national flags are displayed for sale at the entrance of a one Euro shop in Athens
Greek national flags are displayed for sale at the entrance of a one Euro shop in Athens - Sputnik International
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The European Union could allocate 35 billion euros ($39.7 billion) to Greece as financial assistance until 2020, European Commission President Jean-Claude Juncker said Thursday.

BRUSSELS, June 4 (Sputnik) — Speaking to members of the European Committee of the Regions, Jean-Claude Juncker added that Greece would get the money if it implemented required reforms, expressing his hope that economic growth would return to Greece.

Greek Prime Minister Alexis Tsipras is welcomed by European Commission President Jean-Claude Juncker (R) ahead of a meeting at the EU Commission headquarters in Brussels, Belgium, June 3, 2015 - Sputnik International
Greece Bailout Talks Stumble as PM Rejects Creditors' Reform Plans
On Wednesday, a Brussels meeting between Juncker and Greek Prime Minister Alexis Tsipras failed to lead to an agreement on a bailout package as Athens refused to compromise on unpopular social reforms demanded by creditors.

Greece was particularly hard-hit by the aftereffects of the 2008 economic crisis, quickly going into a $350 billion debt by accepting large loans offered by the International Monetary Fund (IMF), the European Union and the European Central Bank (ECB).

People holding umbrellas make their way next to fluttering Greek national flags on the main Constitution (Syntagma) square during heavy rainfall in Athens - Sputnik International
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On Friday, Athens is due to make a $330 million debt repayment to the IMF.

Local media reported Wednesday that Greece would not make the June repayment unless there was a guarantee of a new aid deal with the Brussels Group.

The country's ruling party Syriza hopes to secure additional financial aid without implementing unpopular economic and social reforms that its creditors are requiring before the current bailout plan expires on June 30.

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