Eurogroup agrees to extend Greek loan

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Euro area finance ministers have agreed to the disbursement of the fifth tranche of funding for Greece, after Athens passed a multi-year adjustment programme last week.

On Wednesday, Greece's parliament passed a €28 billion ($40.1 billion) austerity package aimed at reducing its deficit to 7.5% of gross domestic product by 2011. The International Monetary Fund (IMF) and European Union (EU) made the passing of the austerity measures as a precondition for receiving its fifth tranche worth €12 bill

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