$40B Greece bailout approved with vote

The board of the International Monetary Fund has approved its part of a $140 billion bailout package for Greece.

The board met in Washington Sunday to approve a three-year, $40 billion (€30 billion) loan for the troubled European nation. Greece has enacted broad cutbacks on government spending to address its mounting debt, sparking riots and social unrest.

Eurozone leaders on Saturday approved a $100 billion package of loans to Greece for the next three years to keep it from imploding. The bailouts are an effort to stabilize global markets rocked last week by fears of a spreading European debt crisis.

European leaders also are meeting Sunday to hash out the terms of a proposed broader rescue. They want to have a plan in place before Asian markets open for the week.