Euro zone finance ministers have released 35 billion euro from the second bailout package for debt-ridden Greece shortly after the government in Athens reached a landmark deal with private creditors on a bond swap. This will halve its debts to around 107 billion euros.The Finance ministers of the 17 nations using the euro, welcomed the pact by private sector holders of Greek sovereign bonds to write-down up to 53.5 per cent of their claims in nominal terms by exchanging their bonds for new ones with less value, longer maturity and lower interest rate. In real terms, they may face losses up to 74 per cent.The finance ministers were waiting for the Greek government to complete its negotiations with private creditorson the biggest restructuring of government debt in history.
News On AIR | March 10, 2012 5:00 PM
Euro zone FMs release 35 billion euro for Greece<br/>