::European Union Provides funds much as 12 Billion Euros To Greece >>

Go Finance Reporting in BRUSSELS - European zone finance ministers agreed to disburse a loan of 12 billion euros to Greece.
After a conference call some time ago, 17 ministers in the euro zone agreed that the funds of 110 billion euro bailout approved for Greece on 10 May last year will be paid on 15 July, is expected to board the International Monetary Fund (IMF) could be agreed on 8 July .
The payment will allow Greece to avoid the threat of an increasingly severe crises. Greeks today still requires a second rescue fund of a total 110 billion euros and which will now allow only be completed in September.
"It has been decided by the European zone melting can be carried out before mid-September," said Greek Finance Minister Evangelos Venizelos, as quoted by Reuters on Monday (07/04/2011).
As is known, a loan of 12 billion euros will help Athens to redeem the debentures (bonds) amounted to 5.9 billion euros in August. but the government still has a lot of other debt.
Greece has repeatedly failed to meet budget targets set, so it increases the risk that the crisis will continue to spread throughout the Euro zone if it has not been resolved.
The second program will help with the cost Greek conducted from 2011-2014. Greece will also raise about 30 billion euros from privatization, while the EU and the IMF will provide approximately 50 billion euros. (GoFinance)