Posted on 11/27/2012 3:58:01 PM PST by bruinbirdman
Greek Prime Minister Antonis Samaras has said that the debt-laden country had secured its place in the eurozone after a major debt deal with its international creditors.
"We have laid the foundations to ensure that Greek debt, the most tortuous and destabilising problem facing the country, has become manageable," Mr Samaras said in a television address, adding that Greece has "ensured its place in the euro."
It came after eurozone finance ministers finally reached a deal over Greece's debt burden, enabling the release of its latest tranche of rescue funds.
Markets breathed a sigh of relief as eurozone finance ministers finally reached a deal to keep Greece afloat through what was dubbed “bail-out number three”.
After 12 hours of talks at their third meeting in three weeks, the euro group settled on measures to cut Greek debt by €40bn (£32bn) and keep the country in the eurozone, a deal which lifted European indices in early trading.
The agreement enables the release of the latest €44bn tranche of bail-out funds for Greece and was heralded by Antonis Samaras, the country’s prime minister, as marking a “new day for all Greeks”.
The talks into the early hours of Tuesday saw Greece’s “troika” of lenders – the eurozone, the International Monetary Fund (IMF) and the European Central bank (ECB) – thrash out a package to cut the country’s €300bn debt load by €40bn, in an effort to put its economy on a “sustainable” path.
Among the measures agreed were a reduction in the interest rates on Greece’s bilateral bail-out loans, a decade-long suspension on interest on loans from the eurozone’s EFSF rescue fund, and a pledge to finance a buy-back of Greek government bonds.
Athens now has to bring its debt-to-GDP ratio down to 124pc by 2020, rather than
(Excerpt) Read more at telegraph.co.uk ...
feudalism... chained to the EU master
You can’t leave the EU, you owe them too much now... *evil maniacal laughter*
The Handelsblatt reports that the German SPD is about to boycott the upcoming vote on the newest Greek bailout package. Since Merkel has very likely lost her own Bundestags majority, the so called Chancellors majority formed out of the votes of their own coalition’s MPs, this could potentially shoot down the deal.
Germany will not pay this bill, and Merkel is going to lose the next election in a landslide if she tries to pay for Greece using German Euros. Let this thing die. Please, just let it die.
I was always taught you don’t store the caps with the dynamite.
In saner times, this would have been dubbed "their second default on their loans". Talk about polishing a turd.
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