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Second Greek bailout package expectable on Saturday: EU commissioner

07-02-2011 09:01 BJT

HELSINKI, July 1 (Xinhua) -- European Union (EU) Commissioner for Economic and Financial Affairs Olli Rehn said that a decision on a second bailout package for Greece could come as early as Saturday evening, the Finnish Broadcasting Company (YLE) reported on Friday.

In an interview with YLE, Rehn said that Eurogroup finance ministers would hold a tele-conference to decide disbursement of the next tranche of loans to Greece on Saturday instead of a formal meeting on Sunday, since the package had been settled at the public service level.

However, negotiations about the subsequent drawdown by the Greeks are still far from complete. According to Rehn, attempts would be made to reach unanimity on the role of private financial organizations during the summer.

"One key question centers on the responsibility of private investors. The deadline is September, but the market situation is very difficult and it would be better if we could settle the matter in the next few weeks," Rehn said.

Rehn told YLE that bailout financing would have to be shared by the public and private sectors. European Commission has been working at fever pitch to ensure that a significant portion of the additional funding can be secured by voluntary support from the private sector, said Rehn.

Rehn also said in the interview that the acceptance of an austerity program by the Greek Parliament was an important step in the right direction. He hoped that the Greek government would be committed to carry our the agreed measures.

"Greece needs reform and investment to return to a growth path. It's also critical for reducing the debt burden. And they have to stick to the privatization program that has been agreed," Rehn stressed.



Editor:Zheng Limin |Source: Xinhua

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