Latvian government green lights talks on Greece bailout program

Latvian ministers at an extraordinary cabinet meeting on Friday gave the green light to opening talks with Greece on a new bailout program.

Finance Minister Janis Reirs will represent Latvia in negotiations the European Commission will start with Greece on a new international financial assistance package.

Ministers raised no objections to granting Greece a bridge loan through the European Financial Stability Facility (EFSF), to which Latvia, as an EU member, contributes about 44 million euros (47.74 million U.S. dollars) a year.

All 28 EU member states approved the bridge loan to Greece on Friday. Greece needs the money to meet its payments to its international creditors -- the European Central Bank and the International Monetary Fund.

The Latvian government will decide separately on a memorandum of understanding detailing the terms of Greece's bailout program, the Latvian Finance Ministry said.

On Thursday, the euro zone's finance ministers approved in principle an 86 billion euro aid package for Greece, but it has yet to be finalized.