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February 21, 2012

Greece gears up for tough reforms under new bailout

Posted in Category: Egypt News — dina @ 5:08 pm
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The Greek cabinet is to meet for talks on launching the painful reform process stipulated by creditors in return for a massive bailout and debt write-down.

Loans of more than 130bn euros (£110bn; $170bn) and a write-down of at least 107bn were agreed overnight at marathon talks in Brussels.

Eurozone leaders said the deal had saved Greece from a default.

But Greeks face new spending cuts and state sector job losses in order to slash national debt within eight years.

Austerity measures implemented under the 2010 bailout, which was worth 110bn euros, sparked violent protests.

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