Europe Keeps Greece Afloat With More Bailout Money

Euro zone governments kept Greece afloat on Wednesday after agreeing to authorize a payment of 5.2 billion euros from the region's bailout fund, despite opposition from some member states following the Greek election results.

After a conference call, the board of the European Financial Stability Facility, the 700 billion euro bailout fund administered by the 17 countries that use the euro, agreed to make the scheduled payment, which will allow Greece to meet near-term bond redemptions and other obligations.

European bond and currency markets were on edge in late trading on Wednesday out of concern the board could decide to withhold the payment because of frustration over the anti-EU/IMF bailout sentiment prevailing among Greek political parties.

"They will get the money," one official who was on the conference call told Reuters after it ended.

Another confirmed that the payment would go ahead.

Read Full Article from CNBC.com

- Posted: 2012-05-09 13:30:29

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