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Greece: Eurogroup approves third bailout for debt-ridden Greece

Eurozone finance ministers agreed on Friday to approve a third bailout programme for Greece, with the first tranche of aid to be worth €26 billion. Eurogroup chairman Jeroen Djisselbloem said that "of course there were differences, but we have managed to solve the last issues."

To recapitalise Greek banks €10 billion will be made available, while a second tranche of €16 billion will be paid out in several installments, starting with a €13 billion installment by August 20 when Greece must make a new debt payment to the European Central Bank (ECB).

"On this basis, Greece is and will irreversibly remain a member of the Euro area," said European Commission President Jean-Claude Juncker after the deal was sealed.

Read more: france 24 - Eurogroup approves third bailout for debt-ridden Greece - France 24

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