The Cabinet, chaired by Prime Minister Lucas Papademos, approved yesterday the next steps of legislative content concerning the new loan agreement between Greece and the European Financial Stability Facility (EFSF).

The PM told ministers that the coalition government "is nearing the end of its major and multifaceted effort to ensure the country’s funding over the next few years," adding that the decision by Fitch ratings agency to raise Greek bonds six notches from the previous default rating following the completion of the bond swap was the first positive result following the restructuring.