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Ministers meet to sign off Greek cash

Monday, Mar 12, 2012 - 01:21

March 12 - Euro zone finance ministers meeting in Brussels are set to sign off on the second bailout package for Greece and shift their focus to Spain which is set to miss deficit reduction targets again this year. Sonia Legg reports.

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Greece's second bailout was the main item on the agenda at Monday's meeting of euro zone finance ministers. But for once Greece's representative wasn't a man under pressure. A bond swap deal with private creditors was agreed last week making the approval of a 130-billion euro rescue package a virtual formality. (SOUNDBITE) (English) GREEK FINANCE MINISTER EVANGELOS VENIZELOS SAYING: "I am very optimistic for universal participation in the PSI, from our side, the target is now the full implementation of the programme and, of course, the return of Greece to growth." But as one problem is dealt with another one arises. Spain was also on the agenda after it announced it had missed its 2011 budget deficit target by a significant margin. GERMAN FINANCE MINISTER WOLFGANG SCHAEUBLE SAYING: "Spain has made huge progress, the financial markets also see it that way, but we are all still on a difficult path." The prospect of bailing out Spain - the euro zone's fourth largest economy - isn't an appealing one. But while the euro zone bailout fund was on the agenda no decision about its eventual size was expected. Sonia Legg, Reuters.

Ministers meet to sign off Greek cash

Monday, Mar 12, 2012 - 01:21

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