Afro FM 105.3: Eurozone finance ministers to focus on Greek debt

Eurozone finance ministers to focus on Greek debt
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Henok  on 24/01/2012 06:14:00
 
On the agenda will be what form Greek debt restructuring should take as part of
a second bailout package for Athens. It comes after negotiators for private
creditors left Greece without a deal to write off some of the country's debts.
The Institute of International Finance (IIF), which represents the creditors,
said a technical team would remain to work further on the details. According to
BBC European leaders agreed in principle last year that private lenders would
voluntarily write off 50% of their loans to Greece, but private creditors still
need to agree to the terms of the deal. A 130bn euro ($168bn; £108bn) rescue
package from the EU and IMF is crucial if Greece is to meet its next debt
repayment deadline in two months. Without the second bailout Greece will not be
able to pay back 14.5bn euros in maturing bonds in March. (BBC)