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Europe’s bailout fund approves €6.7bn loan installment for Greece

Europe’s bailout fund on Tuesday approved a €6.7 billion ($8.3 billion) loan installment for Greece as part of its third international rescue program. Payment of the first €5.7 billion ($7 billion) is expected this week. The approval came after the Greek government completed a series of required reforms, AP reported, citing the European Stability Mechanism. The funds will be used to service public debt and clear domestic arrears. The remaining €1 billion ($1.2 billion), to be used for clearing arrears, may be disbursed after May 1 if the country “makes progress in reducing its stock of arrears.”