Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

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

Overnight Avg Rate Latest Change Last Week
30 yr fixed3.97%4.04%
15 yr fixed3.15%3.20%
5/1 ARM3.33%3.37%
30 yr refi3.99%4.08%
15 yr refi3.17%3.23%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 19,756.85 142.04 0.72%
Nasdaq 5,444.50 27.14 0.50%
S&P 500 2,259.53 13.34 0.59%
Treasuries 2.46 0.08 3.23%
Data as of 4:40pm ET
Company Price Change % Change
Bank of America Corp... 23.09 0.14 0.61%
Ford Motor Co 13.17 0.14 1.07%
Chesapeake Energy Co... 7.72 0.12 1.58%
Twenty-First Century... 28.21 -0.43 -1.50%
Apple Inc 113.95 1.83 1.63%
Data as of 4:15pm ET
Sponsors

Sections

The public spat between Donald Trump and Boeing, the maker of Air Force One, represents an unusual rift between two historically friendly American institutions?but the tension goes deeper than a tweet about a pair of presidential jets. More

Republican leaders keep saying Obamacare is hurting the economy and killing jobs, but there's scant evidence for it. In fact, a number of studies show that the economy has been growing. More

"Wow." That's former CIA director General Michael Hayden's reaction to President-elect Trump's refusal to believe that Russia hacked the American election. More

The Los Angeles city attorney is suing four major retailers over claims that they deliberately inflated the original price on some items that misled customers into thinking they were getting a better deal. More