الرئيسية
BRUSSELS (Reuters) - Euro zone finance ministers agreed
a 130-billion-euro ($172 billion) rescue for Greece on Tuesday to avert
an imminent chaotic default after forcing Athens to commit to unpopular cuts and private bondholders to take bigger losses.
The complex deal wrought in overnight negotiations buys time to
stabilize the 17-nation currency bloc and strengthen its financial
firewalls, but it leaves deep doubts about Greece's ability to recover
and avoid default in the longer term.
After 13 hours of talks, ministers finalized measures to cut Athens'
debt to 120.5 percent of gross domestic product by 2020, a fraction
above the target, securing a second rescue in less than two years in
time for a major bond repayment due in March.
"We have reached a far-reaching agreement on Greece's new program and
private sector involvement that would lead to a significant debt
reduction for Greece ... to secure Greece's future in the euro area,"
Jean-Claude Juncker, who chairs the Eurogroup of finance ministers, told
a news conference.
Greece will be placed under permanent surveillance by an increased
European presence on the ground, and it will have to deposit funds to
service its debt in a special account to guarantee repayments.
a 130-billion-euro ($172 billion) rescue for Greece on Tuesday to avert
an imminent chaotic default after forcing Athens to commit to unpopular cuts and private bondholders to take bigger losses.
The complex deal wrought in overnight negotiations buys time to
stabilize the 17-nation currency bloc and strengthen its financial
firewalls, but it leaves deep doubts about Greece's ability to recover
and avoid default in the longer term.
After 13 hours of talks, ministers finalized measures to cut Athens'
debt to 120.5 percent of gross domestic product by 2020, a fraction
above the target, securing a second rescue in less than two years in
time for a major bond repayment due in March.
"We have reached a far-reaching agreement on Greece's new program and
private sector involvement that would lead to a significant debt
reduction for Greece ... to secure Greece's future in the euro area,"
Jean-Claude Juncker, who chairs the Eurogroup of finance ministers, told
a news conference.
Greece will be placed under permanent surveillance by an increased
European presence on the ground, and it will have to deposit funds to
service its debt in a special account to guarantee repayments.