News from EMportal:
22. February 2012. | 09:35
Source: ekathimerini.com
Prime Minister Lucas Papademos hailed as “historic” an agreement struck after 13 hours of talks in Brussels that will lead to Greece receiving a further 130 billion euros of loans and its bondholders accepting a 53.5 percent haircut.
Speaking on Tuesday morning after the marathon negotiations over the details of the new deal, Papademos expressed hope that the new bailout would restore some stability.
“We now have the ability to progress with stability, to limit uncertainty and to increase trust in the Greek economy in order to create better conditions,” he said.
“The new program has elements that will help improve competitiveness and create condition to support steady growth.”
Under the agreement struck in Brussels, Greece will receive 130 billion euros in loans, bondholders will accept a haircut of 53.5 percent rather than 50 and the European Central Bank will pass on any profits from the Greek bonds it holds to national eurozone central banks.
In return for receiving the money from the ECB, eurozone……………. continues on EMportal
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