Finance Ministers from euro zone nations meet today to discuss giving Greece's second bailout final approval. The Euro group, which includes euro zone Finance Ministers, the President of the European Central Bank and European Commission chiefs meets in Brussels. Greece took an important step towards its second bailout on Friday after it managed to win a crucial debt swap. The Greek deal with banks and other lenders is the largest restructuring of government debt in history. It clears the way for Greece to receive its second bailout worth 130 billion euro. The Euro group could give its final approval at today's meeting. European politicians have already hailed the agreement.Greek Finance Minister Evangelos Venizelos hailed the swap as an exceptional success. In a statement on Friday, Jean-Claude Juncker, President of the 17-nation euro group, said the necessary conditions are in place to launch the relevant national procedures required for the final approval of its bailout. EU economic affairs commissioner Olli Rehn said he was pleased with the deal but expected Greece to maintain its focus on austerity.IMF head Christine Lagarde said it was an important step that will dramatically reduce Greece's medium-term financing needs and contribute to debt sustainability. The IMF will meet on 15 March to decide what it will contribute to the euro zone bailout. The Greek government has promised to continue implementing austerity measures demanded by the EU and IMF.
News On AIR | March 12, 2012 9:39 AM
Euro zone FMs meet to discuss Greek 2nd bailout