Skip to main content

The Globe and Mail

Euro zone formally approves second Greek bailout

Chairman of euro zone finance ministers Jean-Claude Juncker

Virginia Mayo/Virginia Mayo/AP

Euro zone countries formally approved on Wednesday a second, €130-billion ($170-billion U.S.) 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," Mr. Juncker said.

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

Story continues below advertisement

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.

Report an error
Comments are closed

We have closed comments on this story for legal reasons. For more information on our commenting policies and how our community-based moderation works, please read our Community Guidelines and our Terms and Conditions.