Saturday, July 2, 2011

Europe Agrees to Give Billions in Aid to Greece

Eurozone releases Greek aid

Greek Prime Minister George Papandreou, second right, expresses gratitude to delegates as President of Iraq Jalal Talabani, left, and  the secretary General of the Socialist International Luis Ayala, secon left clap hands during a European Socialist parties conference, in Athens,  Friday, July 1, 2011. | AP Photo
Greek Prime Minister George Papandreou at European Socialist parties conference in Athens. | AP Photo Close
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...

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