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| Eurozone finance ministers to Greece € 130 billion aid package |
| Time:2012/2/21 | Read:1499 |
BEIJING, February 21, Dow Jones reported that EU officials said Monday euro zone finance ministers on Greece's assistance programs, will provide 130 billion euros of funds. The agreement also asked Greece to 2020, debt accounted for the proportion of economic growth dropped to about 120%.
Some foreign media noted that the scale of the € 130 billion rescue plan will solve the Greek debt next month that may appear disorderly breach. If default occurs, it would likely be re-triggered the bond market turbulence.
The agreement will start a conversion scheme, about 200 billion euros of Greek government bonds held by the private sector creditors will be converted into new bonds of nominal value of halving this plan must be completed before the middle of next month. This may lead to legal disputes and dissatisfaction with the bondholders.
However, analysts believe that the real test for the second round of bailouts in Greece in a few months later, when Greece is to receive assistance through the harsh austerity measures will come into effect.
These austerity measures, including another round of spending and pension cuts, minimum wage will be reduced by 22%. Analysts said that the Greek elections, tentatively scheduled in April, in this case, the Greek politicians might support Parliament has just passed the unpopular austerity measures are increasingly wary.
Oxford Economic Research Institute economist Dillon said, when produced by the Greek government must be satisfied to make the euro area government, but also very stringent measures to their public, these two goals is difficult to achieve.
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