Monday, February 20, 2012

Finland: Greek Bailout Approval Likely In Week Of March 12

Finland's finance ministry said Greece is likely to get final approval for its second bailout program in the week beginning March 12.
"The final approval for activating the EFSF [European Financial Stability Facility] guarantees and completing the PSI [private-sector involvement] operation are conditional on the troika and the Eurogroup deeming the PSI as successful and Greece to have fulfilled its commitments," the finance ministry said in a statement on its website.
"This assessment and the final approval for the second Greek package are likely to take place in the week beginning March 12," it added.
Greece is expected to receive a second bailout package worth EUR130 billion from the European Union and International Monetary Fund, together with a debt-restructuring deal with private bondholders, in exchange for agreeing to further austerity and reform measures. Greece needs the bailout to meet bond redemption payments due March 20.

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