EU finance ministers approve $64B bailout aid for Greece
Posted December 13, 2012 6:39 am.
This article is more than 5 years old.
BRUSSELS, Belgium – Greece’s euro partners have agreed to hand over the next disbursement of the country’s bailout loans.
The cash-strapped country will get a total of 49.1-billion euro ($64-billion U.S.) between now and March.
Greece needs the money to stay afloat and avoid a potential default. Officials said the country would get 34.3-billion euro ($44.7-billion U.S.) in the coming days.
The decision Thursday by the finance ministers of the 17 EU countries that use the euro came after Greece said it would buy back 31.9-billion euro ($41.5-billion U.S.) of its bonds from private investors at a third of their face value, lightening its crushing debt load and meeting a key condition to receive vital rescue loans.
