The International Monetary Fund (IMF) on Monday agreed to release a $2.95 billion aid disbursement to Greece, part of a three-year IMF-European Union (EU) rescue package to hold the highly indebted country avoid bankruptcy. The disbursement brings to nearly $30 billion the sum paid out to Greece so far under the nearly $45 billion IMF loan agreed in May 2010. It is part of a bigger $150 billion rescue package for the country. The approval of the latest aid tranche followed assurances by Prime Minister Lucas Papademos and his new unity government that the country would abide by terms of a debt reduction deal. An IMF team will travel to Athens later this month for preliminary discussions with the new coalition on economic policies.
