Eurozone ministers to finalize bailout plan for Greece: report

10:47, March 13, 2010      

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Finance ministers of eurozone countries were expected to finalize a bailout plan for Greece at their meeting next week, a news report said on Friday.

The Guardian said that eurozone countries have broadly agreed to the bailout plan after Germany finally bowed to pressure despite domestic opposition, citing unnamed sources in Brussels.

Finance ministers of the 16 countries that use the euro were scheduled to finalize details of the rescue when they meet on Monday, the British newspaper said.

The rescue would be a set of "coordinated bilateral contributions" by eurozone governments in the form of loans or loan guarantees that would be available to Greece if Athens could not re-finance its soaring debts.

According to the Guardian, the aid would amount to 22 billion euros (34.4 billion dollars), which is equivalent to nearly half of the debts due to be repaid by the Greek government this year.

Source: Xinhua
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