NEW YORK (CNNMoney.com) -- The Greek Ministry of Economy and Finance will request its first tranche of funding Tuesday from the European Union (EU), according to a press officer at the ministry in Athens.
The initial request will be for €14.5 billion, or $18.4 billion, from the EU. The request would come from a total package of $140 billion announced earlier this month by the EU and the International Monetary Fund (IMF).
The first IMF funds of $7 billion will be provided to Greece on Wednesday, according to the press officer.
As a result, Greece will be requesting $25 billion of its credit line in the next two days. The funding will make it possible for the Greek government to redeem $10.7 billion worth of debt that will be due May 19.
In all, European officials have approved more than $1 trillion to contain the debt crisis in its weakest member nations, including Greece, Portugal and Spain.
The loans come with caveats. Greece is expected to impose austerity measures, including salary cuts for public workers, an increase in the retirement age for women in the public sector, and higher taxes on cigarettes, gambling, fuel and luxuries.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||4.27%||4.22%|
|15 yr fixed||3.27%||3.27%|
|30 yr refi||4.23%||4.20%|
|15 yr refi||3.25%||3.25%|
Today's featured rates:
With cost-cutting at the U.S. Postal Service more letter carriers are working later and later to deliver your mail. About 38% of mail is delivered after 5 p.m. in cities nationwide. And areas like Atlanta, Washington and South Florida, it's 70%. More
Like many of its Silicon Valley peers, Twitter workers are mostly male and white according to a diversity report released by the company Wednesday. More
As 65,000 IDF reservists are tapped to serve in Gaza, Israeli's tech community tries to maintain business as usual, amidst bombs, sirens and employees called to war. More
Chinese buyers are now the biggest international players in the U.S. housing market and some states are seeing billions of dollars in real estate deals as a result. More