The EU Formally Approves Greek Bailout

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“BRUSSELS (Reuters) – Euro zone countries formally approved on Wednesday a second, 130 billion euro financing package for Greece that will keep Athens funded until 2014, the chairman of euro zone finance ministers Jean-Claude Juncker said in a statement.

“The euro area member states have today formally approved the second adjustment program for Greece. All required national and parliamentary procedures have been finalized,” Juncker said.

He said euro zone governments have also authorized their temporary bailout fund, the European Financial Stability Facility(EFSF), to release the first installment of 39.4 billion euros to Greece under the scheme, to be disbursed in several tranches.

The formal completion of the procedure follows political agreement to lend more money to Greece at a meeting of euro zone finance ministers on Monday.”