03/14/2012 06:54 am ET Updated May 14, 2012

Second Greek Bailout Formally Approved By Eurozone

BRUSSELS, March 14 (Reuters) - Euro zone countries formally approved on Wednesday a second, 130 billion euro financing package for Greece that will keep Athens funded until 2014, the chairman of euro zone finance ministers Jean-Claude Juncker said in a statement.

"The euro area member states have today formally approved the second adjustment programme for Greece. All required national and parliamentary procedures have been finalised," Juncker said.

He said euro zone governments have also authorised their temporary bailout fund, the European Financial Stability Facility (EFSF), to release the first instalment of 39.4 billion euros to Greece under the scheme, to be disbursed in several tranches.

The formal completion of the procedure follows political agreement to lend more money to Greece at a meeting of euro zone finance ministers on Monday.