Greece to get first EU bailout cash

Greece to get first EU bailout cash

The finance ministers of the eurozone have said Greece can receive the first batch of bailout money of up to €35.5bn to fund a massive debt relief deal with private investors.

The ministers also said Greece has fulfilled the conditions to get approval for the remainder of the €130bn bailout soon.

Earlier, Greece said that investors holding up to 95.7% of debt in private hands will swap their Greek bonds for new ones with a lower face value and better repayment terms.

In return, these investors will receive up to €30bn - or 15% – of the remaining money they are owed through short-term bonds backed by the eurozone.

Investors participating in the swap will also get additional €5.5bn in outstanding interest payments.

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