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||4.05%||3.96%|
|15 yr fixed||3.41%||3.30%|
|30 yr refi||4.03%||3.95%|
|15 yr refi||3.38%||3.27%|
Today's featured rates:
More than 5% of DACA recipients have started their own businesses since enrolling the program, according to a recent survey. More
A year ago, Trump promised to repeal Obamacare during his first year in office. That didn't happen, but the Trump administration has been successful at chipping away at the Affordable Care Act in other ways. Here's how. More
Amazon has announced its list of 20 cities that are finalists to host its second headquarters. But who will -- and who should -- win? More
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More
Amazon has announced a list of 20 cities as potential locations for its second headquarters. The winner is likely to see a significant boost to its real estate market. More