Eurozone seals second Greek bailout after tortuous talks

February 21, 2012 by legitgov

Eurozone seals second Greek bailout after tortuous talks 21 Feb 2012 Euro zone finance ministers sealed a 130-billion-euro ($172 billion) bailout for Greece on Tuesday to avert a chaotic default in March after persuading private bondholders to take greater losses and Athens to commit to deep cuts. After 13 hours of talks, ministers finalized measures to cut Greece's debt to 120.5 percent of gross domestic product by 2020, a fraction above the target, to secure its second rescue in less than two years and meet a bond repayment next month.