The International Monetary Fund today approved a 28 billion euro ($36.7 billion) bailout for Greece, part of a broader international rescue package for the debt-strapped euro zone member.
The IMF said in a brief statement it would immediately disburse 1.65 billion euros to Athens, in a deal to help keep Greece funded until 2014.
The IMF board approval ends months of uncertainty for Greece, which secured the IMF-EU package after agreeing to a series of painful economic adjustments measures and after completing a debt swap that imposed losses of as much as 74 percent on private bondholders.
«The Executive Board of the International Monetary Fund (IMF) today approved a four-year SDR 23.8 billion (about €28 billion, or US$36.7 billion) arrangement under the Extended Fund Facility (EFF) for Greece in support of the authorities’ economic adjustment program,» read the document.
«The approval allows for an immediate disbursement of SDR 1.4 billion (about €1.65 billion, or US$2.2 billion). The EFF arrangement entails exceptional access to IMF resources, amounting to 2,159 percent of Greece’s quota,» said the IMF in an official statement.
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