2012-02-20blogspot.com

``Euro zone finance ministers struck a deal early on Tuesday for a second bailout program for Greece that will involve financing of 130 billion euros and aims to cut Greece's debts to 121 percent of GDP by 2020, EU officials said... [but a leaked report] suggests Greek debt could fall far more slowly than hoped, to only 160 per cent of economic output by 2020 -- well below the target of 120 per cent set by the International Monetary Fund. Under such a scenario, Greece would need about €245bn in bail-out aid, far more than the €170bn under the "baseline" projections eurozone ministers were using in all-night negotiations in Brussels on Monday.''


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