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Germany, which is the biggest eurozone contributor to the 130 billion Greek bailout, has given a positive reaction to the debt swap deal.

Finance Minister Wolgang Schauble indicated an initial slice of around 35 billion euros could be release to Greece immediately.

He told reporters: “We are going to decide on the approval of the second Greek aid package with the remaining 94.5 billion euros next week. On Monday we have a eurogroup meeting; probably the formal requirements will not be fulfilled then, but materially, there’s no doubt we will be able to approve the second Greek aid package next week.”

During the bailout negotiations Germany took a tough line, insisting Greece must implement reforms before funds would be released. “We are not out of the woods,” Schauble said, “but we’re on the right track.”

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