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Greece gets 13 billion euros ($14 billion) to repay debts, 1st part of new, third bailout

  • German Chancellor Angela Merkel attends a debate at the German parliament prior to a vote on another bailout package for Greece, in the German Bundestag in Berlin, Wednesday, Aug. 19, 2015. (AP Photo/Markus Schreiber).

    German Chancellor Angela Merkel attends a debate at the German parliament prior to a vote on another bailout package for Greece, in the German Bundestag in Berlin, Wednesday, Aug. 19, 2015. (AP Photo/Markus Schreiber).  (The Associated Press)

  • German Chancellor Angela Merkel, center, stands between lawmakers after she casts her vote on a bailout package for Greece, in the German parliament Bundestag in Berlin, Wednesday, Aug. 19, 2015. (AP Photo/Markus Schreiber).

    German Chancellor Angela Merkel, center, stands between lawmakers after she casts her vote on a bailout package for Greece, in the German parliament Bundestag in Berlin, Wednesday, Aug. 19, 2015. (AP Photo/Markus Schreiber).  (The Associated Press)

  • Greek Prime Minister Alexis Tsipras leaves his office in Athens, on Thursday, Aug. 20, 2015. Tsipras has been contemplating his options after a parliament vote to approve the bailout conditions led to dozens of his own party lawmakers voting against him. Among the options being discussed are for him to call a vote of confidence in his government or to call an early election outright, potentially in September.(Giannis Kotsiaris/ InTime News via AP) GREECE OUT

    Greek Prime Minister Alexis Tsipras leaves his office in Athens, on Thursday, Aug. 20, 2015. Tsipras has been contemplating his options after a parliament vote to approve the bailout conditions led to dozens of his own party lawmakers voting against him. Among the options being discussed are for him to call a vote of confidence in his government or to call an early election outright, potentially in September.(Giannis Kotsiaris/ InTime News via AP) GREECE OUT  (The Associated Press)

Greece is receiving the first 13 billion-euro ($14.5 billion) payment of its new bailout, with 12 billion euros earmarked for repaying debts and the remainder for settling arrears to public sector suppliers.

Athens is using the funds to repay a 3.2 billion euro ($3.5 billion) debt installment due Thursday to the European Central Bank — an amount it could not have afforded to repay without the bailout from 18 other European nations that share the euro currency with Greece. It's Greece's third bailout over five years.

The new three-year bailout is worth 86 billion euros ($95.6 billion), and the disbursement of funds is dependent on the Greek government implementing a series of reforms, including steep tax hikes and spending cuts.

European bailout fund supervisors approved the release Wednesday evening.