Eurozone finance ministers agree in principle on first Greek bailout payment

Greece needs the money to finance a massive debt relief deal with bondholders.

THE FINANCE MINISTERS of the 17 euro countries say they have agreed in principle to give Greece the first batch of bailout money to finance a massive debt relief deal with private investors.

However, they said today that a final sign off for the as much as €93.5 billion Greece needs to implement the debt swap will come next week, once Athens has passed “a few pending implementing acts” for promised austerity measures.

The ministers also want to see how many banks and investment funds will actually participate in the bond swap.

A successful implementation of the €107 billion debt relief deal is a precondition for Greece to receive the rest of the €130 billion bailout.

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