Ministers agree on next tranche of Greek bailout

BRUSSELS - Europe bought time over the weekend to avoid a Greek bankruptcy, but tough negotiations lie ahead to save Athens and prevent the eurozone debt crisis from descending into global drama.

Greece will be able to pay its bills this month after eurozone finance ministers cleared the way late on Saturday for the next 12-billion-euro ($17.4 billion) tranche of a 110-billion-euro bailout granted last year by the EU and IMF.

But the ministers still need to work on a second rescue package potentially of similar size to ensure Athens can stay afloat until at least 2014, warding off a devastating default that would reverberate across Europe.