IMF agrees to give Greece $4.2 billion - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

IMF agrees to give Greece $4.2 billion

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State-employed fruit and vegetable market employees chant slogans during a protest against the Greek government's austerity measures and privatization plans, in Athens, on Friday, June 10, 2011. State-employed fruit and vegetable market employees chant slogans during a protest against the Greek government's austerity measures and privatization plans, in Athens, on Friday, June 10, 2011.

WASHINGTON (AP) — The International Monetary Fund has approved providing Greece just over 3 billion euros ($4.2 billion) in the latest installment of a rescue package aimed at helping the country pull back from an impending debt default.

The move by the executive board was expected after a decision last week by eurozone finance ministers to give Greece their portion of a 12 billion euros ($17.39 billion) loan payment that is part of a 110 billion euro ($259 billion) package agreed on last year.

The IMF action Friday under new Managing Director Christine Lagarde came as European banks, insurance companies and other financial institutions were trying to get the private sector involving in helping save Greece from default.

Copyright 2011 The Associated Press.

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