Greece secured a lifeline from the euro zone and the IMF on Monday (July 8) but was told it must keep its promises on cutting public sector jobs and selling state assets to get all the cash.

The 6.8 billion euro (8.7 billion USD) deal, which spares Greece defaulting on debt in August, will see Athens drip fed support under close watch from the euro zone and the International Monetary Fund to ensure implementation of unpopular reforms, like public sector job cuts and modernising its tax code by July 19 before it can receive the first tranche of 2.5 billion euros (3.2 billion USD) in aid.

Reforming Greece remains central to the euro zone's ability to put its crisis behind it, while the bloc needs Athens to cooperate to keep the IMF from pulling out of the programme.

Keeping the Washington-based lender on side will be one of the most delicate balancing acts facing the euro zone this year, as the IMF grows increasingly uncomfortable with the problems in Greece.

Greece is expected to return to growth in 2014, albeit an anaemic 0.6 percent. Athens was counting on the money, one of the last big disbursements under its 240-billion euro bailout, to be paid out in one go.

Presented by Adam Justice

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