- WND - http://www.wnd.com -

Europe seals $170 billion Greece bailout

Posted By -NO AUTHOR- On 02/21/2012 @ 10:39 am In Front Page,Money,World | No Comments

(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.


Article printed from WND: http://www.wnd.com

URL to article: http://www.wnd.com/2012/02/europe-seals-170-billion-greece-bailout/

© Copyright 1997-2013. All Rights Reserved. WND.com.