Eurogroup approves Greek bailout
First tranche of funds could be released on Wednesday

Eurogroup finance ministers on Friday approved the bailout agreement reached by institutional creditors and the Greek government.

Eurogroup chairman Jeroen Dijsselbloem said: "If implemented with determination, the deal will allow the Greek economy to return to growth."

The agreement will provide 86 billion euros ($95.5 billion) over three years, including 26 billion euros ($28 billion) that will be released as soon as the European Financial Stability Mechanism formally approves the agreement on Wednesday.

The deal also calls for the establishment of a 50 billion euro ($55.5 billion) privatization fund.

The International Monetary Fund will consider its participation in October, dependent on an assessment of debt sustainability.

The agreement must now be ratified by eurozone national parliaments.

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Last Modified: 2015-08-16 12:59:55
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