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Eurozone deal on Greek debt

Thursday, July 21, 2011 - 01:50

July 21 - Eurozone leaders announce new measures to bailout Greece after an emergency summit in Brussels. Bobbi Rebell reports.

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Eurozone leaders unveiled a new plan to help Greece overcome its debt crisis and prevent contagion across the region after an emergency summit in Brussels. European Council President Herman Van Rompuy: SOUNDBITE: HERMAN VAN ROMPUY, EUROPEAN COUNCIL PRESIDENT (ENGLISH) SAYING: "When European leaders say that we will do everything what is required to save the eurozone it is very simple- we mean it." At his side was European Commission President Jose Manuel Barroso. SOUNDBITE: JOSE MANUEL BARROSO, EUROPEAN COMMISSION PRESIDENT (ENGLISH) SAYING: "For the first time since the beginning of this crisis that we can say the politics and the markets are coming together." The total public financing for the second Greek assistance package will be around 109 billion euros. Van Rompuy said there has been a change in the approach to public sector involvement- but that it will be limited to Greece: SOUNDBITE: HERMAN VAN ROMPUY, EUROPEAN COUNCIL PRESIDENT, (ENGLISH) SAYING: "We improved the Greek debt sustainability. We took measures to stop the risk of contagion and finally we committed to improve the eurozone's crisis management." It will lower interest rates and extend maturities of debt. Greek Prime Minister George Papandreou said the deal sends a strong message of support for the Greek banking system. SOUNDBITE: GREEK PRIME MINISTER GEORGE PAPANDREOU (ENGLISH) SAYING: "We now have a program and a package of decisions which create a sustainable path for Greece, a sustainable debt management for Greece and this in the end of course will mean not only the funding of a program but it will also mean the lightening of the burden on the Greek people. Papandreou added that reforms in Greece must be pursued or the new measures will be wasted. Bobbi Rebell, Reuters.

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Eurozone deal on Greek debt

Thursday, July 21, 2011 - 01:50