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updated: 7/2/2011 2:28 PM

Eurozone releases vital Greek aid installment

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Associated Press

BRUSSELS -- Eurozone finance ministers say Greece will get a vital loan installment by July 15 while work continues on a second bailout for the struggling country.

The ministers signed off their portion of the (euro) 12 billion ($17.39 billion) loan tranche in a conference call Saturday evening. The International Monetary Fund is expected to approve its part of the loan next week.

The ministers also reiterated that they would continue to support Greece beyond the (euro) 110 billion loan package that was granted last year, but left a final decision on the new aid plan until the involvement of banks and other private creditors has been figured out.

They said "the precise modalities and scale of private sector involvement and additional funding from official sources will be determined in the coming weeks."

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