Greece: We'll Get Bailout in Time to Avoid Default

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Greece will receive a new batch of bailout loans in time to avoid a disastrous default, the nation's financial minister said Tuesday. 

"I am very confident in ... the disbursment of the sixth tranche," Financial Minister Evangelos Venizelos said. "But we must do what has been agreed."

According to Evangelos, debt inspectors from the International Monetary Fund, the European Central Bank, and the European Commission are scheduled to return to Athens this week.

Without the $10.8 billion bailout package, the debt-ridden nation has enough funds to see it through mid-October.

The Greek government recently announced new spending cuts and deficit-reducing measures to secure this next cash infusion.

A default could have a disastrous domino effect as European banks hold large amounts of Greek debt.

International stocks have plunged in recent days because of the European crisis and fears of a global recession.

"There is some hope that the European nations will be able to boost measures to inject more funds into the rescue package for the eurozone to resolve the sovereign debt crisis," said Victor Shum, an energy analyst at Purvin & Gertz in Singapore.
     
Meanwhile, German Chancellor Angela Merkel promised Tuesday that her nation would do whatever it could to help Greece regain investors' confidence.

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