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Eurozone ministers OK Greek aid

Eurozone ministers OK Greek aid

13 March 2012 11:45 (UTC +04:00)

Baku - APA-Economics. Eurozone finance ministers gave their final approval to a second bailout for Greece yesterday (12 March) and turned their attention on Spain, demanding that it adopt tougher deficit targets this year in order to get back on track in 2013.

Greece, the main source of the currency bloc’s debt crisis, swapped its privately held bonds last week for new, longer maturity paper with less than half the nominal value, a move that cut its debt by more than â‚¬100 billion.

The exchange paved the way for eurozone ministers to give the final political go-ahead to a â‚¬130 billion package that aims to finance Athens until 2014. The decision will be formalised on Wednesday.

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