Eurozone countries OK Greece's second bailout
Source: Agencies |
March 15, 2012, Thursday
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COUNTRIES in the 17-nation eurozone yesterday formally approved a second bailout for Greece and authorized the release of 39.4 billion euros (US$51.4 billion), as they had signaled last week.
Jean-Claude Juncker, prime minister of Luxembourg and chairman of meetings of eurozone finance ministers, said the bailout fund - or European Financial Stability Facility - will disburse the money in several installments.
The decision was a formality, as Greece had already been found to have met all the conditions for the new bailout program.
Athens recently passed a new round of harsh austerity measures and negotiated a landmark debt reduction agreement with private bondholders.
Juncker said the bailout "constitutes a unique opportunity for Greece that should not be missed," and urged continued reform.
"This will allow the Greek economy to return to a sustainable path," he said.
On Tuesday, Finance Minister Evangelos Venizelos said that Greece is expected to receive a total of 172.7 billion euros in bailout funds from the eurozone and the International Monetary Fund over the next few years. That sum includes money left over from the country's first bailout package, granted in 2010, as well as the new 130-billion-euro program.
Venizelos was briefing a Cabinet meeting yesterday on the results of the new debt agreements and legislation to be passed by parliament before the country goes for a general elections expected in late April.
Jean-Claude Juncker, prime minister of Luxembourg and chairman of meetings of eurozone finance ministers, said the bailout fund - or European Financial Stability Facility - will disburse the money in several installments.
The decision was a formality, as Greece had already been found to have met all the conditions for the new bailout program.
Athens recently passed a new round of harsh austerity measures and negotiated a landmark debt reduction agreement with private bondholders.
Juncker said the bailout "constitutes a unique opportunity for Greece that should not be missed," and urged continued reform.
"This will allow the Greek economy to return to a sustainable path," he said.
On Tuesday, Finance Minister Evangelos Venizelos said that Greece is expected to receive a total of 172.7 billion euros in bailout funds from the eurozone and the International Monetary Fund over the next few years. That sum includes money left over from the country's first bailout package, granted in 2010, as well as the new 130-billion-euro program.
Venizelos was briefing a Cabinet meeting yesterday on the results of the new debt agreements and legislation to be passed by parliament before the country goes for a general elections expected in late April.
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