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Posted by
Olog-hai
on Wed Feb 22 23:42:03 2012, in response to EUEUEUEUEU Olog, posted by RockParkMan on Sat Nov 12 14:58:17 2011.
edf40wrjww2msgDetailOT:detailStr fiogf49gjkf0d This is even more callous; loan and debt repayment has to take precedence even over infrastructure?
Financial Times
Last updated: February 21, 2012 3:29 pmEurozone agrees second Greek bailoutBy Peter Spiegel and Alex Barker in BrusselsEurozone finance ministers reached a long-delayed €130-billion second bailout for Greece early on Tuesday after strong-arming private holders of Greek bonds to take even deeper losses than they had accepted last month. . . .
Both Jean-Claude Juncker, chairman of the eurogroup of finance ministers, and Christine Lagarde, managing director of the International Monetary Fund, stressed that Greece still had to live up to a series of “prior actions” by the end of the month before eurozone governments or the IMF can sign off on the new program.
In addition, the bailout comes with tough terms, including a permanent team of monitors in Greece to ensure Athens lives up to the terms of the bailout deal and an escrow account which Greece will ensure always holds three months-worth of debt payments. The escrow account will be temporary, however, and Athens has agreed to change its constitution to make debt repayment the top priority in government spending. . . .
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