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Europe bailout

Greece gets first slice as ministers mull more loan talks

Reuters

Debt-ridden Greece is set to receive 14.5 billion euros of a 110 billion-euro European Union loan Tuesday, meeting an Athens deadline for the most urgent tranche to lift the country out of crisis. The agreement was made at a meeting in Brussels Monday.

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Meanwhile eurozone finance ministers announced more talks to finalise the massive rescue fund for debt-hit members, after expressing concern at the plunging single currency euro.

The chairman of the 16-strong eurozone group has backed controversial plans for Brussels to vet budgets in all 27 European Union countries before they are put to national parliaments.

Luxembourg Prime Minister Jean-Claude Juncker insisted however that the commission was not going to become “the school headmistress for member states' budgetary policies".

Juncker was speaking eight days after the European Union and the International Monetary Fund announced a 750-billion-euro rescue plan for heavily indebted members.

On Monday, the euro hit its lowest level since April 2006 in Tokyo trading, before making a partial recovery. In early trading Tuesday in Tokyo, it remained under pressure buying 1.2335 dollars, up from its low of 1.2234.

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