Eurozone releases funds for Greek debt relief

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BRUSSELS (AP) -- The finance ministers of the eurozone say Greece can receive a first batch of bailout money of up to €35.5 billion ($46.9 billion) to fund a massive debt relief deal with private investors.

The ministers also say that Greece has fulfilled the conditions to soon get approval for the remainder of the €130 billion bailout.

Earlier Friday, Greece said that investors holding up to 95.7 percent of debt in private hands will swap their Greek bonds for new ones with a lower face value and better repayment terms.

In return, these investors will receive up to €30 billion -- or 15 percent -- of the remaining money they are owed through short-term bonds backed by the eurozone.

Investors participating in the swap will also get additional €5.5 billion in outstanding interest payments.