IMF to release $2 billion more in loans to Greece

AP News
Posted: May 31, 2013 5:26 PM

WASHINGTON, D.C. (AP) — The IMF says it will disburse a $2.26 billion tranche of a rescue loan to Greece after it completed a review of the country's performance under the economic program tied to the bailout agreement.

The payment will bring the total amount of IMF payouts to $8.55 billion since the March 2012 agreement. The IMF contribution is part of a much bigger bailout package with European nations that was intended to avert a debt default and exit from the bloc of nations that use the euro currency.

Greece has been dependent on loans from euro partners and the International Monetary Fund since it got locked out of international bond markets in 2010. So far it has received more than $250 billion, pledging in return to overhaul its economy.