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Greece to get 130 bn euros as part of 2nd bailout plan
21.02.2012 09:02 "Agro Perspectiva" (Kyiv) —
The Eurozone countries and the International Monetary Fund will grant Greece a loan of 130 billion euros before 2014 as part of the second bailout plan.
This came in a statement at a news conference Tuesday by the Euro Group Head Jean-Claude Juncker following a 12-hour meeting of the Eurozone Finance Ministers.
The new loan is divided in several tranches, of which the first will go to Athens in March, so Greece could pay the interest on the earlier-granted loans and avoid default.
According to Juncker, private banks are prepared to write off 53.3% of what Greece owes them. Greece’s debt to private lenders makes up 230 billion euros, of the overall debt of 350 billion euros.
Meanwhile, Greek Prime Minister Lucas Papademos referred to the lenders’ decision, during a news conference in Brussels, as historic. The agreement to grant the new loan to Athens is due to be officially signed in March.
Besides, the Eurozone Finance Ministers have approved a bailout plan to help Greece cope with its debt crisis.
The Finance Ministers were negotiating the issue for almost 10 hours almost drowning in heated disputes about the situation in Greece.,
Earlier, the bailout package was set at 130 billion euros, but it followed from subsequent reports that the amount will prove insufficient for Greece to reduce its debt from the current 250% of the GDP to the targeted 120% of the national gross domestic product by 2020.
According to other reports in Brussels, private banks are prepared to write off 53.5% of the Greek state debt. Greece’s debt to private banks is estimated at some 230 billion euros, of the overall debt of 350 billion euros. Sources: ITAR-TASS, RIAN.
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