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Greece receives €14.5bn as part of EU bailout

First instalment of pledged €110bn EU loan is paid to Greece.

Greece has received €14.5bn (£12.5bn) through the European Central Bank on Tuesday, reports Reuters, citing an anonymous Greek official.

This is the EU's first installment of a pledged €110bn (£94bn) loan to help Greece recover from its debt crisis. The IMF, which is assisting the EU's efforts, contributed its share of €5.5bn last week.

Reports say the aid has arrived just in time for the struggling Greek government to pay an €8.5bn bond which matures on Wednesday.

Greece's announcement of tough austerity measures, in accordance with conditions set by the EU and the IMF as part of the aid programme, has met with public outrage and violent clashes in Athens.

The Eurozone finance ministers have affirmed that the Greek debt crisis would not result in pan-European austerity measures.