Greece to get first EU bailout cash
The finance ministers of the eurozone have said Greece can receive the first batch of bailout money of up to €35.5bn to fund a massive debt relief deal with private investors.
The ministers also said Greece has fulfilled the conditions to get approval for the remainder of the €130bn bailout soon.
Earlier, Greece said that investors holding up to 95.7% of debt in private hands will swap their Greek bonds for new ones with a lower face value and better repayment terms.
In return, these investors will receive up to €30bn - or 15% – of the remaining money they are owed through short-term bonds backed by the eurozone.
Investors participating in the swap will also get additional €5.5bn in outstanding interest payments.
