BERLIN (AP) ? A spokeswoman for Germany ?s finance ministry says the final approval of a new, euro130 billion ($171 billion) bailout for Greece won ?t be given until early March.
That means the eurozone will have to split the final bailout approval from a related debt relief deal that will take several weeks to implement and which has to be finalized ahead of a bond repayment on March 20.
Marianne Kothe said Monday that the other euro countries will first want to see how many of Greece?s private creditors participate in a bond swap designed to cut Greece?s debt by euro100 billion.
She said that before Germany can approve new aid payments, without which Greece would default by late March, its parliament will have to vote on the new rescue package on Feb. 27.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP?s earlier story is below.
BRUSSELS (AP) ? The EU?s top economic affairs official says the Greek parliament?s approval of a new austerity package is a ?crucial step forward? in getting a second, euro130 billion ($171 billion) bailout.
However, Olli Rehn said Monday that Greece still needs to identify ?concrete measures? for saving an extra euro325 million.
He also said that Greece?s political class needed to take ?full ownership? of the new austerity package, referring to a demand for the leaders of the main Greek parties to sign a pledge to implement the measures even after elections in April.
Rehn said he was optimistic that Greece would fulfill these demands by the next meeting of eurozone finance ministers Wednesday.
The finance ministers could then approve the new bailout and a euro100 billion debt relief from private creditors.
Tags: Debt Relief
Source: http://freedom-debtrelief.net/debt-relief-germany-greek-bailout-approval-not-until-march/
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