Greece's rescue creditors clear new batch of loans

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Associated Press

Posted on July 26, 2013 at 6:02 AM

Updated Friday, Jul 26 at 6:02 AM

BERLIN (AP) — Greece's international creditors say they have cleared a 2.5 billion-euro ($3.3 billion) installment of bailout loans following the approval of new austerity measures by authorities in Athens.

The 17-nation eurozone's permanent bailout fund, the European Stability Mechanism, and an EU Commission spokesman said on Twitter the decision was made by the bloc's deputy finance ministers Friday, pending some national approval procedures to be concluded Monday.

The ESM says Greece will also get a 1.5 billion-euro payout stemming from profits on bonds bought by the European Central Bank under a now-defunct bond-buying program.

Greece has approved new debt reduction measures, including thousands of public-sector job cuts, to meet the conditions that are part of its 240 billion-euro rescue package from its EU partners and the International Monetary Fund.

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