AP/ December 13, 2012, 7:25 AM

Euro ministers back next Greece bailout payment

The Greek and European Union flags fly near the Parthenon in Athens, Greece.

The Greek and European Union flags fly near the Parthenon in Athens, Greece. / Oli Scarff/Getty Images

BRUSSELS 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 euro49.1 billion ($64 billion) between now and March.

Greece needs the money to stay afloat and avoid a potential default. Officials said the country would get euro34.3 billion ($44.7 billion) 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 euro31.9 billion ($41.5 billion) 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.

© 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.