Eurozone finance ministers have paved the way for a new bailout payment to Greece of 7.5 billion euros (US$8.4 billion), Alliance News reported today. Athens and its creditors spent months negotiating reforms and cost-cutting measures that would allow money to continue flowing from Greece's third, 86-billion-euro bailout, which was agreed to last year. Only 2 billion euros have been paid out so far. The new disbursement will provide "oxygen" for the Greek economy, EU Economy Commissioner Pierre Moscovici said. Following the go-ahead from finance ministers, the eurozone bailout fund is expected to make a final decision today on the disbursement, with a view to transferring the money early next week. The payment is part of a 10.3-billion-euro tranche that the Eurogroup agreed to in principle last month. The money is needed to prevent the cash-strapped country from returning to the brink of bankruptcy. Greece has to make more than 3 billion euros in debt payments in July alone.
