Euro zone finance ministers on Wednesday formally approved the second 130-billion-euro financial bailout for debt-laden Greece and ordered the release of the first instalment of 39.4 billion euros to avert a bankruptcy.
They appreciated the steps taken by the Greek government so far to implement wide-ranging reforms and tough austerity measures agreed with the European Union and the International Monetary Fund (IMF) in return for the assistance.
They also lobbed the deal reached last week between the Greek government and its private creditors on a voluntary bond exchange programme, which will reduce its debt mountain to a sustainable level over the next eight years.
From: http://ping.fm/DE26h
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