Eurozone to approve $3.6 billion for Greece on Monday

  • Senior eurozone officials are set to meet on Monday to approve payment of a further $3.6 billion in rescue loans for Greece.

    Greece requires the money money to pay wages, pensions and bonds held by the European Central Bank that mature on May 20.

    The next tranche will only be received if a reform law is approved over the weekend.

    Following that, eurozone finance ministers will then meet on May 13 to release a further $7.8 billion of rescue loans.

    The law contains reforms and tax measures that the Greek government agreed with international creditors earlier this month.

    Athens has already received some $260 billion of EU/IMF rescue loans since mid-2010 and is set to obtain about $52 billion more by the end of 2014.