Ministers expected to approve latest disbursement of bailout aid to Greece worth Eur8.1 billion

July 8
9:37 AM 2013

Euro-area finance ministers were expected to approve Greece's newest disbursement of bailout assistance. A European Union executive said that the parties would meet today in Brussels.

The troika that oversees Euro-zone bailouts settled an agreement with Greek leaders. They discussed the terms required to ensure that the nation's aid program "is on track to reach its objectives," according to the troika.

The troika was comprised of the European Commission, the European Central Bank and the International Monetary Fund. The IMF's Executive Board was supposed to consider approving the Greek review this July.

Since 2010, Greece was not able to tap bond markets. The country was supposed to receive Eur8.1 billion equivalent to US$10.4 billion.

"The government is preparing the necessary legislation in support of its program and will table an omnibus bill shortly before parliament," the troika stated. "The authorities are also preparing ministerial decisions and other legal steps to implement their commitments in the coming days."

According to an EU official, the payment would be divided in several disbursements.

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