E.U. Sends First Installment to Greece

The European Union transferred €14.5 billion to Greece on Tuesday, the first installment of E.U. funds under the rescue package worked out by the European Union and the International Monetary Fund.

The Greek Finance Ministry said in a statement that it received the disbursement — comprised of bilateral loans from 10 of the 16 euro-zone members — through the European Central Bank. Germany contributed the largest share, at €4.4 billion, followed by France, at €3.3 billion.

The EU transfer, equivalent to about $18 billion, comes atop €5.5 billion Greece received last week from the I.M.F. The disbursements will help the country to refinance nearly €9 billion of loans maturing Wednesday.

Read Full Article from New York Times

- Posted: 2010-05-18 08:02:59

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