ATHENS, Greece – Greece's finance ministry says a key body monitoring the country's international bailout has approved the disbursement of the next batch of rescue loans.
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The ministry said the Euro Working Group, made up of finance ministry officials from the 18-country eurozone and representatives from the European Commission and European Central Bank approved the installment Friday during a teleconference.
Eurozone finance ministers are expected to formally approve the disbursement of the 1 billion-euro ($1.36 billion) tranche in a meeting in Brussels on Monday.
Greece has relied on international rescue money since May 2010 when it found itself unable to raise funds on bond markets due to a severe financial crisis. In return, it has had to overhaul its economy and impose spending cuts and tax hikes.