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Eurogroup Agrees To Launch Greek Bailout Talks

Eurozone finance ministers have agreed to launch formal bailout talks with debt-wracked Greece, following a Greek parliamentary vote on the terms of the rescue package.

The ministers held a conference call on July 16, a day after Greek lawmakers approved tough economic reform measures demanded by European leaders in return for a new, 86 billion euro ($94 billion) bailout.

They also agreed to give Greece a 7 billion euro ($7.6 billion) loan from an EU-wide fund to keep its finances afloat until the bailout is approved.

Separately, the European Central Bank decided to allow Greek banks to draw more emergency funding, increasing it by 900 million euros ($990 million) for one week.

Banks in Greece have been closed since June 29, with cash withdrawals limited to 60 euros ($66) a day.

Based on reporting by AFP, AP, Reuters, and the BBC