Greece Approved to Get Next Rescue Loan Payments

By: AP Email
By: AP Email

BRUSSELS (AP) - Greece's international creditors will release 6.8 billion ($8.7 billion) euros in rescue loans to Greece in the coming months as they continue to prop up the country struggling to implement reforms.

The European Central Bank, the European Union and the International Monetary Fund said Monday that the country's reform program, implemented in exchange for rescue loans, is largely on track, although it's moving too slowly. They also warned that the country's economic outlook remains uncertain.

Despite these concerns, finance ministers from the 17 European Union countries that use the euro agreed Monday to release the next installment of Greece's bailout. Belgian Finance Minister Koen Geens said the loans would be divided into three groups: 4 billion euros by the end of July, another 1.8 billion from the IMF in August and the last 1 billion in October.

After years of overspending, Greece nearly went bankrupt and is now surviving on rescue loans.

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