Euro Leaders Back Greek Payout

Ministers gather to sign off on second bailout for Greece and discuss Portugal and Spain.

Euro-area finance ministers seeking to step past the largest sovereign debt restructuring in history will attempt to gain a foothold this week as they grapple with implementing the latest Greek bailout.

Ministers from the 17 nations that share the euro will gather in Brussels today to sign off on the 130 billion-euro ($170 billion) second package for Greece after bondholders agreed last week to take a loss on the country’s debt. They’ll also focus on Spain’s budget-cutting efforts and Portugal’s aid program, underscoring their desire to prevent contagion.

Payments Released

Euro finance ministers agreed on a March 9 conference call that Greece had met the terms for bailout funding and released 35.5 billion euros in payments and interest to bondholders, with the rest of the amount set to be approved today.

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