02 Jul '11, 3pm

Greece to get urgent EU aid to avoid default

Greece to get urgent EU aid to avoid default

BRUSSELS: Eurozone finance ministers were set Saturday to release urgent aid to save Greece from imminent bankruptcy amid tough behind-the-scenes wrangling on a second bailout for the debt-stricken country. The ministers were to hold a conference call at 1600 GMT to clear 12 billion euros for Greece, the fifth tranche of aid from a 110-billion-euro ($160 billion) bailout granted by the European Union and IMF last year. Eurozone governments reached an agreement in principle on the payout Friday after the Greek parliament met EU and IMF demands to pass tough austerity measures despite rioting in the streets of Athens. The ministers decided to cancel a meeting in Brussels on Sunday and speak by phone instead because nothing is holding up the next tranche, diplomats said, But they need more time to negotiate a second bailout for Greece. "Since things are moving forward on the ...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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