EU leaders approve second bailout package for Greece | business | Hindustan Times
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EU leaders approve second bailout package for Greece

business Updated: Mar 02, 2012 23:32 IST

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European Union leaders have cleared the release of second bailout package for Greece by the end of the week. This is to enable Greece avoid a default on paying back €14.5 billion debts due on March 20.

Finance ministers of the euro group, during a two-day meeting in Brussels on Thursday, kicked off the preparations to release the first tranche of the €130 billion rescue package.

The ministers expressed satisfaction over the progress made by Greece in implementing wide-ranging reforms and austerity measures.

They reviewed the situation in Greece and its compliance to commitments with its European partners and the IMF on the basis of a report by the "Troika" experts of the European Commission, the IMF and the European Central Bank.

There has been "good progress" by Greece in implementing the conditions it has agreed to with the EU and the IMF to receive the assistance needed to avoid a bankruptcy, Jean-Claude Juncker, Luxembourg's prime minister and chairman of the euro group said.