ECONOMY

Eurozone financial officials plan July 24 call on Greek rescue aid

Senior euro-area financial officials plan a conference call on July 24 to discuss the latest bailout aid payment for Greece, a European Union official said on condition of anonymity.

Euro-area governments agreed earlier this month to release 3 billion euros ($3.9 billion) of aid for Greece, seeking to buy enough financial calm to prevent another debt-crisis showdown until after Germany’s election in September.

Greece is scheduled to receive 2.5 billion euros of the payment this month and the remaining 500 million euros in October, as long as Prime Minister Antonis Samaras’s tottering coalition delivers on economic reforms and cuts to spending.

Euro-area finance ministers mandated the Eurogroup Working Group to sign off on the payout. The initial 2.5 billion-euro installment will be approved by the EWG, which prepares ministers’ meetings, and the board of the European Financial Stability Facility “following the full implementation of the prior actions and once member states have finalized their relevant national procedures,” the Eurogroup said in a July 8 statement.

[Bloomberg]