Greek Parties Finally Reach Bailout Compromise

Finance | February 9, 2012, Thursday // 17:43|  views

eaders of the three political parties backing Lucas Papademos` (2-R) interim government -- PASOK leader and former prime minister George Papandreou (R), New Democracy (ND) leader Antonis Samaras (2 L) and Popular Orthodox Rally (LAOS) leader George Karatz

Greek political leaders from the coalition cabinet reached an agreement with EU, ECB and IMF lenders on reforms required for the second bailout, stated PM Lucas Papademos's office Thursday.

"The consultations between the government and the Troika on the issue, which remains opens for additional discussion, ended successfully. Political leaders reached an agreement for the results," reads the announcement.

In an additional statement, European Central Bank President Mario Draghi has confirmed the announcement.

Draghi however did not specify any details about the agreement, in particular information about Greek sovereign bonds held by the ECB.

Private lenders to Greece will be requested to write off some 70% of Greek debt.

Political leaders in Greece had a deadline to reach an agreement until Tuesday, which they failed to do.

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Tags: Lucas Papademos, debt, Mario Draghi, ECB, European Central Bank, IMF, EU, bailout, reforms, greece


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