(MENAFN) A senior official at the European Union (EU) announced that the union has approved a USD7.8 billion bridge loan to Greece and would be given to it by Monday, Xinhua reported.
The 19 leaders of the Eurogroup member states okayed the loan, supporting the debt-laddered country with a third bailout from the ESM (European Stability Mechanism) worth USD93 billion.
"This agreement backed by 28 European member states provides Greece an immediate loan. It means that USD7.8 billion will reach Greece on time by Monday," European Commission Vice President said.
The country failed to make a USD1.62 billion payment to the IMF on June 30 and missed another repayment worth around USD494.17 million to IMF on July 13, with total debt to the IMF amounting to USD2.16 billion.
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