Euro Finance Ministers Approve Critical Greek Aid Payment

Euro-zone finance ministers last night approved a 5.8 billion-euro tranche of aid to Greece, the sixth of last year’s bailout package, after securing budget-austerity pledges from Greek political leaders backing the new unity government.

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While the euro zone has agreed to disburse its share of the 8 billion-euro payment, which was due in September, it still needs a formal sign off from the International Monetary Fund.

Last week, Greek officials said that, without the tranche of aid, Greece would default on 2.8 billion euros of bond payments due in December and would be unable to pay out salaries and pensions