Greece's creditors approve debt-relief package

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Greece's creditors approve debt-relief package
An elderly man is photographed through a hole in a banner during a rally in Athens, Tuesday, Nov. 20, 2018. Hundreds of pensioners protested demanding a return of funds lost as part of austerity measures. (AP Photo/Thanassis Stavrakis)

ATHENS, Greece (AP) — A eurozone bailout fund has approved the implementation of a major debt relief plan for Greece that it says would provide the crisis-scarred country significant savings over several decades.

The measures include interest rate improvements and repayment deferrals that were initially agreed upon in June. Meeting in Luxembourg on Thursday, the board of the bailout fund, the European Financial Stability Facility, activated the program after determining that Greece had met a list of conditions.

Greece ended its third international bailout in August but remains under tight supervision by European Union institutions to continue administrative reforms and cost-cutting measures despite high levels of poverty and unemployment.

The decision was taken a day after a European Commission report said Greece was complying with its post-bailout commitments.