First intallment of rescue loans transferred to Greece

19:41, May 18, 2010      

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Eurozone countries have transferred the first installment of a 110-billion-euro rescue package to Greece, a European Commission official said on Tuesday.

The first tranche paid by eurozone countries amounted to 14.5 billion euros (17.9 billion U.S. dollars), and the International Monetary Fund (IMF) was expected to hand over 5.5 billion euros (6.8 billion dollars) soon, making the total amount stand at 20 billion euros (24.7 billion dollars).

Finance ministers of the 16 European Union (EU) countries decided in the early hours of Tuesday that the first tranche of the rescue loans for Greece would be transferred to the debt-laden country today so as to help Greece avoid defaulting.

Greece has to pack back government bonds worth 8.5 billion euros (10.5 billion dollars) which would mature on Wednesday.

Eurozone countries hammered out an unprecedented rescue package for Greece earlier this month. The 110 billion euros (135.9 billion dollars), including contribution from the IMF, would be paid to Greece during the next three years, and the amount for the first

Source: Xinhua


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