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Euro Rescue Funds to Clear Aid Payments Jan. 28, Official Says

Jan. 21 (Bloomberg) -- The euro area’s rescue funds will probably clear aid payments to Greece, Spain and Portugal during a Jan. 28 conference call, a euro-area official said.

The European Stability Mechanism and the European Financial Stability Facility must convene their boards of directors as the final step in disbursing funds after the payments get political approval. Euro-area finance ministers today may allow the payments to proceed after an earlier round of staff-level signoffs.

Greece is due to receive a payment of 9.2 billion euros ($12.3 billion), including 2 billion euros in aid for its government and 7.2 billion euros for its banking sector, the official said on condition of anonymity because the information isn’t public.

Spain is on track to receive a disbursement of about 1.8 billion euros for its banks that will be transferred in the first days of February, the official said. Portugal stands to receive an 800 million-euro disbursement from its aid program.

To contact the reporter on this story: Rebecca Christie in Brussels at rchristie4@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net

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