Eurozone ministers 'back 130bn-euro bailout for Greece'
09:37, 21 February 2012
BRUSSELS. February 21. KAZINFORM Eurozone finance ministers have reached agreement on a vital second bailout for Greece, officials involved in the negotiations say, BBC reported.
The deal, which came after late-night talks in Brussels, is said to be worth 130bn euros.
Athens needs the funds to avoid bankruptcy next month, when maturing loans must be repaid.
In return, Greece will undertake to reduce its debts to no more than 121% of its GDP by 2020.
"The financial volume (of the Greek deal) is 130bn euros and debt-to-GDP (will be) 121%," one official in Brussels told Reuters news agency.
The euro rose to $1.3266 from $1.3185 on reports of the deal.