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Tuesday 29.07.2014 | Name days: Vidmants, Edmunds, Edžus

Eurozone backs Greek bailout

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Baltic news, News from Latvia, BNN-NEWS.COM, BNN-NEWS.RUEurozone finance ministers have finally reached an agreement on granting the second bailout for Greece.

“We are making every effort so that a new programme will be a success,” says Jean-Claude Juncker, prime minister of Luxembourg and chairman of the eurozone finance ministers group.

He adds that they are “fully aware of the significant efforts already made by the Greek citizens”.

The deal came after more than 13 hours long talks in Brussels. As a result, the heavily indebted state will be granted a 130 billion euro loan, reports BBC.

Athens needs the money to escape default on March 20, when maturing loans must be repaid.

Greece is set to slash its debts down to 120.5% of its GDP by 2020. After five years of recession, the state now finds itself in a debt that hits 160% of its Gross Domestic Product.

Ref: 105.105.105.1060


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