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Eurozone defers decision on second bailout for Greece, sets conditions (2)


13:48, February 10, 2012

"Thirdly, we would need to obtain strong political assurances from the leaders of the coalition parties on the implementation of the programme," he said.

Due to the failure of the Greek government to implement many of the reformed agreed as part of the first bailout package in May 2010, the "troika" has been insisting major political parties in the Greek government make firm commitment to painful structural reforms and austerity measures before signing on the bailout program.

The 130 billion-euro (about 172 billion U.S. dollars) bailout package, offered by the "troika," namely, the International Monetary Fund, the European Commission and the European Central Bank, is crucial for Greece to avoid default or a potential exit from the eurozone on March 20 when 14.5 billion euro of bonds come due.

"These three elements, those I mentioned, need to be in place before we can take decisions. We welcomed the assurances provided by the Greek government that all the necessary elements will be put in place in the coming days," Juncker told reporters.

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