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Eurozone defers decision on second bailout for Greece, sets conditions


13:47, February 10, 2012

President of Eurogroup and Prime Minister of Luxembourg Jean-Claude Juncker attends a press conference after the Eurogroup finance ministers' meeting in Brussels, capital of Belgium, Feb. 9, 2012. Eurozone finance ministers said late Thursday that the Greek authorities have not done enough to convince international lenders to approve a crucial new bailout package. (Xinhua/Thierry Monasse)

BRUSSELS, Feb. 10 (Xinhua) -- Eurozone finance ministers on late Thursday set three conditions for the Greek authorities to receive a second bailout package deemed vital for Athens to avert a chaotic default next month.

"Despite the important progress achieved over the last days, we did not yet have all necessary elements on the table to take decisions today," Eurogroup President Jean-Claude Juncker said after a meeting of eurozone finance ministers was closed.

Juncker made the comments hours after Greece's prime minister Lucas Papademos announced in Athens the conclusion of "a general agreement" on the contents of a second bailout program without disclosing details.

"First, the Greek parliament should approve on Sunday the policy package agreed between Greece and the 'troika'," Juncker said at a press conference after the meeting.

"Secondly, additional structural expenditure reductions of 325 million euro in 2012 should be rapidly identified in order to ensure that the deficit target is achieved," Juncker said.

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