Greece Moves Closer To A Bailout

NEW YORK (CNNMoney) -- International monitors in Greece completed a review of the nation's finances, and said the latest installment of Greece's €110 billion bailout could be disbursed in early November.
The European Commission, the European Central Bank and the International Monetary Fund -- known as the troika -- said they had completed their fifth review of Greece and agreed "on the economic and financial policies needed to bring the government's economic program back on track."
The officials said they believe Greece will be able to meet its 2011-2012 fiscal targets, citing a rebound in exports "albeit from a low base." The troika noted that rebound could lead toward "more balanced and sustainable growth over the medium term."
But the officials offered a dismal outlook for Greece's fiscal future, noting that "the recession will be deeper than was anticipated in June and a recovery is now expected only from 2013 onwards."
The troika also said that "additional measures" will probably be needed to "meet program targets" for 2013 in 2014.
Of the expected €8 billion installment, the European member states would provide €5.8 billion and the IMF, of which the United States is a member, would provide €2.2 billion.
The funding plan still needs final approval from the Eurogroup (eurozone finance ministers, the ECB president and European Commissioner for economics and monetary affairs) and the IMF's executive board before it becomes a done deal.