Greece Moving Toward Second Bailout

[Conley]

Greece is inching closer to its second bailout after it managed to win a crucial debt swap, European leaders have said.

The Greek deal with its lenders is the largest restructuring of government debt in history.

Eurozone finance ministers then said the conditions are in place for its new 130bn-euro (£110bn; $173bn) bailout.

"Today the problem is solved," French President Nicolas Sarkozy said.

The Greek Finance Minister, Evangelos Venizelos, hailed the swap as an "exceptional success".

In a statement after a conference call of finance ministers, Jean-Claude Juncker, president of the 17-nation Eurogroup, said "the necessary conditions are in place to launch the relevant national procedures required for the final approval" of its bailout.

Mr Sarkozy, who faces an election next month, added: "I would like to say how happy I am that a solution to the Greek crisis, which has weighed on the economic and financial situation in Europe and the world for months, has been found."

http://www.bbc.co.uk/news/business-17308804

Sarkozy says the problem is solved. I guess we don't have anything else to worry about then. :laugh:

[MMC]

Yeah is that after he disregards what all the Economists are saying that Greece will need another bailout before the end of this year. Or is that because The greek default will be orderly?

[MMC]

ATHENS (Reuters) - Greece hopes to get 1 billion euros ($1.31 billion) in financing from the European Investment Bank (EIB) this year as a stimulus for its ailing economy, a senior official said on Saturday.

Greece and the European Commission are pushing the EIB, the European Union's long-term investment arm, to disburse the funds, said Gikas Hardouvelis, top economic adviser to Prime Minister Lucas Papademos.

After the success of a debt cut plan on Friday, which opens the way for a 130-billion euro international bailout, Athens is looking for ways to kick-start its stricken economy, now in its fifth year of recession.

But the EIB was still worried about getting too exposed to Greece and a solution to overcome its reluctance might be to disburse the funds using local banks as intermediaries, he said.

The EIB is the largest non-sovereign lender and it gets top-notch terms when it taps capital markets to raise funds thanks to its triple-A rating. Over the past two years, it has already provided more than 700 million euros in financing to large Greek energy firms.

Greece is entitled to a total 20 billion euros in so-called EU structural funds for the period 2007-2013. It has only used 8 billion euros so far, EU Commission President Jose Manuel Barroso said on February 29.....snip~

http://news.yahoo.com/greece-eyes-1-billion-euro-stimulus-eib-pm-114341104.html

$1 = 0.7622 euros.....just how many different intiials can they come up with to get Bail-out after bailout? 5years of recession. Try the truth. Greece has been in a depression for the last 5 years. That one word Democracy doesn't want tied to it. Nor even speak it and certainly lets not think it. Instead go buy something.