International Monetary Fund OKs $4.3B loan for Greece
Sean Gallup/Getty Images
WASHINGTON The International Monetary Fund on Wednesday approved a $4.3 billion loan installment to Greece, following an economic review.
The decision by the IMF's board was expected following the Greek parliament's approval this week of an emergency bill ratifying dozens of conditions set by bailout lenders. Greece also completed a loan buyback last month that reduced its debt by more than $27 billion.
- Greek unemployment hits new high
- PM hopes Ireland to leave bailout this year
- ECB chief: Eurozone needs greater strength in economy
Greece's economy is being kept afloat by international rescue loans from other eurozone members and the IMF. The loans were granted on condition that the country impose spending cuts and other austerity measures. As Greece has imposed the measures, unemployment and poverty rates have shot up.
But last month, the country's crisis eased after European rescue lenders approved new installments worth $65.5 billion, with $45.76 billion paid out days later and the rest to be transferred to Greece by March.
Popular on MoneyWatch
- Bernanke sends stocks, bonds skittering
- Reverse cell phone lookup service is free and simple
- Bernanke holds the line on Fed monetary policy
- Why geniuses don't have jobs
- Microsoft slashes Surface prices to lure buyers
- Have you mastered the art of listening?
- Fed says it will continue $85B in bond purchases
- Service helps you use Twitter to find a job
