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Euro zone finance ministers discuss package of support for Greece

06-20-2011 11:09 BJT

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Euro zone finance ministers have met to discuss a second package of support for Greece, which is expected to amount to around 120 billion euro. They also spoke about the terms of the second bailout, that looks to save the country from a debt default.

Arriving at the meeting, German Finance Minister, Wolfgang Schaeuble, says Germany is ready to help Greece, so it gets the time it needs to implement reforms.

Schaeuble said, "We are ready to help Greece and give it the time it needs, so the country goes through a reform programme and through a strengthening of its economy. This is the key, as well as securing financing in the markets. But of course, that must be done in a way that makes clear that the risk is not borne by the taxpayer alone. This is why we are looking for a solution."

But he also notes, the Greek government's decision is vital for the euro zone and the IMF to release the next tranche of aid to the country.

Schaeuble said, "We know we need a prompt decision, but the decision will not be here but in Athens. Greece must fulfill all the necessary preconditions so the next tranche can be paid out on time. Europe will do its part."

Dutch Finance Minister Jan Kees de Jager (L) talks with Finnish Finance Minister
Jyrki Katainen (C) and Austrian Minister of Finance Maria Fekter prior to a crucial
meeting of Eurozone finance ministers in Luxembourg, June 19, 2011.

Meanwhile, Dutch Finance Minister, Jan Kees de Jager, says he wants to see more austerity measures in Greece.

Jager said "Coming out of this crisis, the most important thing is more austerity measures, more economic reforms and, of course, if Greece will perform, will implement all those measures, then we will be there, if also the private sector is also participating."

Eurogroup chairman Jean-Claude Juncker (L) talks with German Finance Minister
Wolfgang Schaeuble (R) prior to a crucial meeting of Eurozone finance ministers
in Luxembourg, June 19, 2011.

Greece's Prime Minister says the country's cash reserves will soon be exhausted without the 12 billion euro tranche from the EU and IMF.

Analysts say a default in Greece would damage the credibility of the euro zone, and many fear contagion to other countries.

European heads of state or government are expected to finalize Greece's next bailout package at a summit in Brussels on June 23rd and 24th.

French Finance Minister Christine Lagarde (L) talks with Spanish Finance Minister
Elena Salgado prior to a crucial meeting of Eurozone finance ministers in Luxembourg,
June 19, 2011.

Editor:Shi Jierui |Source: CNTV.CN

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