BREAKING NEWS

Europe fund pumps 109 b. euro into Greek bailout

By REUTERS

MARCH 16, 2012 09:23

BRUSSELS - The euro zone's temporary bailout fund, the European Financial Stability Facility (EFSF), will contribute 109.1 billion euros ($142.60 billion) to the second Greek bailout after covering the costs of the Greek debt swap, the EFSF's chief executive Klaus Regling said.

The International Monetary Fund (IMF) will contribute 28 billion euros on top of the 109.1 billion, which the Fund will pay to Greece over four years, rather than the three years envisaged in the euro zone financing plan.

The 109.1 billion figure includes 48 billion euros that the EFSF will provide, in the form of its own bonds, to recapitalize Greek banks, over the next few weeks, Regling told several international news agencies.

"That means 61 billion euros is left for normal program financing," he said in comments for release on Friday.

The EFSF figure does not include the 30 billion euros that the euro zone has provided as a sweetener for investors in the privately held debt restructuring, or the 5.5 billion euros of repayment of accrued interest.

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