Europe's bailout fund on Tuesday approved a 6.7 billion euro ($8.32 billion) loan installment to Greece as part of its third international rescue program, with payment of the first 5.7 billion euros expected this week. The European Stability Mechanism said the approval came after the Greek government completed a series of required reforms. The ESM said the initial 5.7 billion euros are to be disbursed Wednesday. The remaining 1 billion euros, to be used for clearing arrears, may be disbursed after May 1 if the country "makes progress in reducing its stock of arrears." Greece has depended on billions of euros from international rescue loans since 2010, and its third bailout is due to end this summer.

Source: ABC News March 27, 2018 11:55 UTC