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Chairman of euro zone finance ministers Jean-Claude Juncker (Virginia Mayo/Virginia Mayo/AP)
Chairman of euro zone finance ministers Jean-Claude Juncker (Virginia Mayo/Virginia Mayo/AP)

Euro zone formally approves second Greek bailout Add to ...

Euro zone countries formally approved on Wednesday a second, €130-billion ($170-billion U.S.) financing package for Greece that will keep Athens funded until 2014, the chairman of 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,” Mr. Juncker said.

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He said euro zone governments have also authorized their temporary bailout fund, the European Financial Stability Facility (EFSF), to release the first instalment of €39.4-billion to Greece under the scheme, to be disbursed in several tranches.

The formal completion of the procedure follows political agreement to lend more money to Greece at a meeting of euro zone finance ministers on Monday.

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