Brussels, 14/03/2012 (Agence Europe) - On Wednesday 14 March, eurozone nations formally approved the second Greek bailout, which will provide aid of €130 billion over three years and will be accompanied by a €107 billion write-down of the country's debt held by private lenders (see EUROPE 10573). The politicians authorised the European Financial Stability Facility (EFSF) to make a first payment of €39.4bn (in several instalments). The chair of the Eurogroup, Jean-Claude Juncker, issued a press release, stating: “The Greek authorities should continue to demonstrate strong commitment and keep up the implementation momentum by rigorously pursuing the adjustment effort in the fields of fiscal consolidation, structural reforms and privatisation.” On Monday, EFSF managing director Klaus Regling said the fund would now be very active on the markets. The EFSF will provide Greece with over €100bn over three years in the form of cash borrowed from the money markets or direct sale bonds. (MB/transl.fl)