Eurozone, IMF Approve Second Greek Bailout
Baku, February 21 (AZERTAC). Eurozone countries and the International Monetary Fund will provide a second 130-billion euro bailout aid package to Greece to help it repay its massive debt and avoid a default, Eurogroup President Jean Claude Juncker said on Tuesday.
The statement comes after 12 hours of intense talks, at which eurozone and IMF officials finalized measures to reduce Greece`s debt to 120.5 percent of GDP by 2020, slightly above the original target of 120 percent.
The deal will enable Greece to launch a bond swap with private investors to write off another 100 billion of the country`s massive 360 billion euro debt.
Juncker said private bondholders could write off 53.3 percent of Greece`s debt.
Greece needs the funds before March 20 to meet debt repayments of 14.5 billion euros.
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