EU approves second bailout package for Greece

European Union leaders have cleared the release of second bailout package for Greece by the end of the week. This is to enable Greece avoid a default on paying back €14.5 billion debts due on March 20.

Finance ministers of the euro group, during a two-day meeting  in Brussels on  Thursday, kicked off the preparations to release the first tranche of the €130 billion rescue package.

The ministers expressed satisfaction over the progress made by Greece in implementing wide-ranging reforms and austerity measures.

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