The Eurogroup agreed on Greek bailout package…

Tuesday, 21 February 2012 03:51

After 12 hours meeting in Brussels, euro area Finance Ministers agreed on details of second bailout for Greece. The package is valued for at least 130 billion euro.

Also private creditors agreed to accept bigger losses that expected. Instead of 50% agreed on earlier, 53.5% of debt will be written of the bonds, which gives 107 billion euro in total.

That move brings Greece closer to planned reduction of debt to 120% of GDP in 2020.