Greece to tap $18.4 billion in aid

By Aaron Smith, CNNMoney.com staff writer


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.

Deadly riots broke out in Athens last week after Greek officials agreed to the austerity measures. To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Overnight Avg Rate Latest Change Last Week
30 yr fixed4.08%4.24%
15 yr fixed3.19%3.23%
5/1 ARM3.36%3.46%
30 yr refi4.06%4.15%
15 yr refi3.17%3.17%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 17,035.03 -63.42 -0.37%
Nasdaq 4,582.96 2.69 0.06%
S&P 500 1,996.98 -6.39 -0.32%
Treasuries 2.41 0.06 2.65%
Data as of 1:18pm ET
Company Price Change % Change
Apple Inc 103.33 0.83 0.81%
Bank of America Corp... 16.12 0.03 0.19%
Staples Inc 12.62 0.94 8.05%
Facebook Inc 75.75 0.93 1.24%
Intel Corp 34.48 -0.44 -1.27%
Data as of 1:03pm ET

Sections

The founding CEO of the Washington Post's big rival, Politico, will now be in charge of the Post More

Gas prices are falling to nearly $3 a gallon in some parts of South Carolina, and that will soon be common in much of the country. More

Microsoft is expected to begin showing off Windows 9's features later this month. Here are the expected changes you should be thrilled about. More

The Coolest Cooler is the most successful Kickstarter campaign in the site's history, raising $13.3 million from over 62,000 backers. More

A scam where fraudsters impersonate IRS agents has now stolen $5 million from taxpayers, and this woman - who lost her entire life savings -- is just one of its victims. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.