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Euro ministers back next Greece bailout payment

By The Associated Press

This article was published December 13, 2012 at 6:58 a.m.

— Greece’s euro partners have agreed to hand over the next disbursement of the country’s bailout loans.

The cash-strapped country will get a total of $64 billion between now and March.

Greece needs the money to stay afloat and avoid a potential default. Officials said the country would get $44.7 billion in the coming days.

The decision Thursday by the finance ministers of the 17 EU countries that use the euro came after Greece said it would buy back $41.5 billion of its bonds from private investors at a third of their face value, lightening its crushing debt load and meeting a key condition to receive vital rescue loans.

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