By GABRIELE STEINHAUSER CONNECT BRUSSELS—Euro-zone finance ministers Friday approved the payment of a €2.5 billion ($3.32 billion) installment from Greece's international bailout, ensuring the first victim of the bloc's debt crisis won't run out of money over the summer. Euro-zone governments will transfer an additional €1.5 billion in profit from the European Central Bank's bond-buying program to Athens once all national approval procedures have been fulfilled on Monday, Simon O'Connor, a spokesman for the European Commission, said through a message on his Twitter account. Senior aides to euro-zone finance ministers held a conference call Friday morning to determine whether Athens had fulfilled all the commitments it made earlier this month in order to receive the payment. Germany and a handful of other countries still need their parliaments to sign off on the aid. On Thursday, Greek lawmakers passed the final measure needed to secure the country's latest loan slice, enacting tax overhauls and an amendment to a previous law detailing the transfer of thousands of public servants into a special labor reserve. A total of 12,500 workers are to be placed in the reserve by the end of September and another 12,500 by the end of the year. Once in the reserve, workers will receive 75% of their wages until they are transferred to other positions or will face dismissal if another position isn't found for them within eight months. Officials believe the approval of this aid payment will stave off any more complicated discussions over Greece's bailout program until the fall, after federal elections in Germany. After that, many expect a divisive debate on how to cut Greece's huge debt, which is more than 160% of gross domestic program, and whether the euro zone should forgive Athens owes the bloc.

Source