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Euro Minister Back Next Greece Bailout Payment

6:53 AM, Dec 13, 2012   |    comments
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BRUSSELS (AP) -- Greece's euro partners have agreed to hand over the next disbursement of the country's bailout loans.

The cash-strapped country will get a total of (euro) 49.1 billion ($64 billion) between now and March.

Greece needs the money to stay afloat and avoid a potential default. Officials said the country would get (euro) 34.3 billion ($44.7 billion) in the coming days.

The decision Thursday by the finance ministers of the 17 EU countries that use the euro came after Greece said it would buy back (euro) 31.9 billion ($41.5 billion) of its bonds from private investors at a third of their face value, lightening its crushing debt load and meeting a key condition to receive vital rescue loans.

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