EU and IMF Meet to Approve Bailout Funds for Greece and Cyprus

Eurozone finance ministers are meeting in Brussels to agree bailout payments for Cyprus and Greece.

Cyprus is expected to get approval for the first 3bn euros (£2.5bn; $3.9bn) of its bailout package, which was agreed earlier this year.

Ministers are also expected to sign off the latest instalment of Greece’s bailout, as it continues to struggle to reform its economy.

The meeting is also taking place amid continued concerns for Slovenia.

Slovenia is seen as potentially likely to follow Greece and Cyprus in seeking help from European authorities.

That is despite a plan, unveiled by Slovenia’s government last week, that is designed to avoid a bailout.

The government plans to restructure the country’s stricken banking system, raise taxes and privatise swathes of state-owned companies.

Meanwhile, Greece is expected to receive as much as 7.5bn euros in the latest payment of its massive 240bn-euro bailout, first agreed in 2010.

It needs the money to pay wages, pensions and bondholders.

via BBC

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