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Greek bailout: Deal reached for second package

Greek bailout: Deal reached for second package

Under the rescue package, which was clinched after lengthy 12 hours of talks, Greece will receive extra bailout loans of 130 billion euros to avoid a debt default on a bond repayment in March, eurozone officials said.

Greek Prime Minister Lucas Papademos speaks during a media conference after a meeting of eurozone finance ministers at the EU Council building in Brussels.  Photo: AP Greek Prime Minister Lucas Papademos speaks during a media conference after a meeting of eurozone finance ministers at the EU Council building in Brussels. <em>Photo: AP</em>
Finance ministers from the eurozone reached a Greek bailout plan on Tuesday, agreeing on measures to reduce the country's debt level to 120.5 per cent of its gross domestic product (GDP) by 2020.

Under the rescue package, which was clinched after lengthy 12 hours of talks, Greece will receive extra bailout loans of 130 billion euros ($170 billion) to avoid a debt default on a bond repayment in March, eurozone officials said.

Earlier, eurozone officials had indicated that they would approve a second bailout program for Greece after Athens had agreed to all the terms demanded by international creditors, reported Xinhua.

"I would like to assume that we can reach final and concluding negotiations today (Monday)," Eurogroup head Jean-Claude Juncker said as he arrived for a meeting of eurozone finance ministers on Monday.

"The Greek side has fulfilled many preparatory efforts we had demanded. We have to conclude today, there's no more time to waste," Juncker, who is also Luxembourg's prime minister, said.

Nevertheless, the meeting was prolonged into the early hours of Tuesday.

 






Published on: Feb 21, 2012, 12:13 PM IST
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