Euro zone finance ministers approve next stage of Greek aid

October 21, 2011 20:21

BRUSSELS - The Eurogroup of euro zone finance ministers has approved the payment of the next tranche of 8 billion euros ($11 billion) under Greece's EU/IMF bailout program -- pending approval from the International Monetary Fund, the ministers said in a statement on Friday.

"We have agreed to endorse the disbursement of the next tranche of financial assistance to Greece in the context of the current economic adjustment program," said the statement from the Eurogroup, which was meeting in Brussels on Friday evening.

"The disbursement is expected to take place in the first half of November, pending the approval by the Board of the International Monetary Fund," it said.

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