Eurozone approves 1st tranche of Greek bailout funds; the approval comes after parliaments in member states backed the rescue-for-reforms deal.
Eurozone Finance Ministers on Wednesday formally approved the first tranche of a new 86 billion euro bailout for Greece after parliaments in member states backed the rescue-for-reforms deal.
Greece will receive a sum of 23 billion euros that will allow Athens to make a loan repayment of 3.4 billion euros due to the European Central Bank.
In a breakdown of the first tranche, 10 billion euros will be placed in a fund to recapitalize Greek banks while another 13 billion euros will be partly used to repay the loan to the ECB. There remains three billion euros in the first tranche, which will be disbursed in September or October provided certain reforms are carried out.
Eurozone Finance Ministers on Wednesday formally approved the first tranche of a new 86 billion euro bailout for Greece after parliaments in member states backed the rescue-for-reforms deal.
Greece will receive a sum of 23 billion euros that will allow Athens to make a loan repayment of 3.4 billion euros due to the European Central Bank.
In a breakdown of the first tranche, 10 billion euros will be placed in a fund to recapitalize Greek banks while another 13 billion euros will be partly used to repay the loan to the ECB. There remains three billion euros in the first tranche, which will be disbursed in September or October provided certain reforms are carried out.
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