Greece Gets Its Bailout

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The euro zone formally approved Greece’s bailout on Wednesday, a 130 billion-euro financing package that will keep Athens funded until 2014, the chairman of the euro zone finance ministers Jean-Claude Juncker said in a statement.

“The euro area member states have today formally approved the second adjustment program for Greece. All required national and parliamentary procedures have been finalized,” Juncker said.

The formal completion of the procedure follows a political agreement between euro zone finance ministers reached in a meeting on Monday. To secure its bailout, Greece underwent the largest debt restructuring in history.

The European Financial Stability Facility has been authorized to release the first installment of 39.4 billion euros, which will be disbursed in several tranches.

To contact the reporter on this story: Emily Knapp at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com

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