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    Greece to receive first EU loans on May 19 - source

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    Greece will receive the first loans from EU countries under a massive bailout package on May 19, a Council of the European Union told RIA Novosti on Monday.

    Greece will receive the first loans from EU countries under a massive bailout package on May 19, a Council of the European Union source told RIA Novosti on Monday.

    Ministers from the 16-nation euro zone approved an 80-billion-euro financial aid package for the financially-stricken Balkan state in Brussels on Sunday. The IMF will also provide 30 billion euros in loans under the three-year deal.

    Greece agreed to carry out huge budget cuts as part of an austerity program.

    "We have no other choices and no time," Greek Prime Minister George Papandreou said in a televised speech on Sunday.

    BRUSSELS, May 3 (RIA Novosti) 

     

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