Source: eurozone reaches deal on $170 bn Greek bailout, reduces debt to 120.5 pct by 2020
Posted Feb 21, 2012 02:38:07 AM.
This article is more than 5 years old.
BRUSSELS, Belgium – An EU diplomat says that an agreement has been reached to give Greece 130 billion euros ($170 billion) more in bailout loans and bring its debt down to 120.5 per cent of GDP by 2020.
The official, who spoke on condition of anonymity, said the details were still being worked out in the early hours of Tuesday, more than 12 hours after discussions began.
A debt level of 120.5 per cent of GDP is considered close to the maximum sustainable amount for Greece.
Greece desperately needs another rescue package if it is to avoid a calamitous default next month when a C14.5 billion bond issue comes due.
