January 24, 2012

EU urges Greece to close deal with creditors

Greece's rescue plan is off track, so the country needs to take fast and decisive action. The euro zone finance ministers delivered this message at a meeting in Brussels. The leaders urged Athens to complete the stalled talks with its private creditors as a precondition to receiving a second bailout. The goal is to reduce Greece's massive debt by having its private lenders receive half of what they are owed.

The ministers said Greece's creditors should receive average interest rates lower than 4 percent on the debt they hold. Read more.


Read also,
S&P says likely to declare Greece in default - Reuters
Dow, S&P end lower as investors worry about uncertain Greece debt deal, US corporate earnings - Washington Post

IMF predicts EU recession for 2012 - PressTV

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