Eurozone formally approves second Greek bailout


Press TV
March 14, 20112

Eurozone countries have finally approved the second 130 billion euro financing package for Greece, which would save the country from going bankrupt in the short run.

“Euro area member states have today formally approved the second adjustment program for Greece,” Luxembourg Prime Minister and the chairman of the eurozone finance ministers, Jean-Claude Juncker said in a statement on Wednesday.

Juncker said that the European Financial Stability Facility (EFSF) has been authorized by eurozone governments to release a “first installment” of 39.4 billion euros to Greece under the scheme, to be disbursed in several tranches.

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