EU grants new Greece bailout after night session
EURO CRISIS: Following 13 hours of discussions that went far into Tuesday morning, Eurozone finance ministers and the IMF could finally secure the needed support for new a second Greece bailout loan, badly needed by the debt-riddled country.
Agreement on the 130-billion-euro ($172 billion) rescue package, subject to strict conditions, will help draw a line under months of uncertainty that has shaken the currency bloc, and avert an imminent Greek bankruptcy, Reuters reports.
“We have reached a far reaching agreement on Greece’s new program and private sector involvement that would lead to a significant debt reduction for Greece and pave the way towards an unprecedented amount of new official financing … to secure Greece’s future in the euro area,” Luxembourg’s Jean-Claude Juncker, who chairs the Eurogroup of finance ministers, told a news conference.