March 16, 2012 9:50 AM

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IMF agrees to pay Greece's 2nd bailout

The International Monetary Fund, IMF has agreed to pay 28 billion euros or 36.7 billion dollars towards Greece's second bailout of 130 billion euros after last week's private debt swap.The body's approval – which was expected – is the final step in completing the long-awaited rescue fund for the eurozone's worst-hit country. The IMF said, it would pay 1.65 billion euros of the money to Greece immediately. The bailout is intended to help keep Greece funded until 2014. The Greek Finance Minister, Evangelos Venizelos said, the deal had changed the country's image.

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