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Europe Clears Urgent Aid To Save Greece From Default

Greece is expected to receive 12 billion euros from the eurozone
Eurozone finance ministers have cleared the way for Greece to receive urgent funds to avoid imminent bankruptcy, but warned it would take weeks to conclude a new bailout.

Greece is expected to receive 12 billion euros ($17 billion) from the eurozone and IMF by July 15 after the ministers approved the fifth tranche of aid from last year's $160 billion financial rescue package.

The IMF is due to clear its slice of the next installment, 3.3 billion euros, next week.

The eurozone's share amounts to 8.7 billion euros.

Following a more than two-hour conference call, the ministers said in a statement they would also determine the details of a second bailout for Greece, including the scale of private sector participation, in the "coming weeks."

compiled from agency reports