Euro ministers back next Greece bailout payment
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.
- European finance ministers debate Greek buyback
- In cautionary move, Europe centralizes bank oversight
- Germany, engine of Europe, faces looming recession
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.
Popular on MoneyWatch
- TGI Fridays nailed for doctoring booze
- Amy's Baking Company could face legal 'nightmare'
- Reverse cell phone lookup service is free and simple
- Meat labels getting facelift under new USDA rules
- Top 10 professional life coaching myths
- How Bernanke's testimony affects investors
- Amy's Baking Company: Post-meltdown PR campaign
- Turn off Windows 8 with one click