Greek Bailout Loan

November 30, 2011 by staff 

Greek Bailout Loan, Officials in Brussels say eurozone finance ministers have approved an (euro)8 billion ($10.7 billion) bailout loan installment for Greece.

Without the loan Greece would have run out of cash and been in default before Christmas.

The EU had demanded, and received, letters from the leaders of Greece’s main political parties pledging support for tough austerity measures to get the loan.

The installment is part of a (euro)110 billion ($150 billion) bailout package from eurozone nations and the International Monetary Fund that has kept Greece afloat since May 2010.

The officials spoke on condition of anonymity to divulge information while the meeting was still going on.

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