Europe Agrees to Give Billions in Aid to Greece

Eurozone releases Greek aid

Greek Prime Minister George Papandreou at European Socialist parties conference in Athens. | AP Photo Close

By ASSOCIATED PRESS | 7/2/11 2:56 PM EDT

BRUSSELS — Eurozone finance ministers say Greece will get a vital loan installment by July 15 while work continues on a second bailout for the struggling country.
The ministers signed off their portion of the euro12 billion ($17.39 billion) loan tranche in a conference call Saturday evening. The International Monetary Fund is expected to approve its part of the loan next week.

The ministers also reiterated that they would continue to support Greece beyond the euro110 billion loan package that was granted last year, but left a final decision on the new aid plan until the involvement of banks and other private creditors has been figured out.Read more...