Having pulled off the biggest debt restructuring deal ever, Greece is on track for yet another bailout. Meanwhile, the Greek government is also preparing to make yet another round of austerity cuts, which may involve lowering the nation’s minimum wage. —KA
In a statement after a conference call of finance ministers, Jean-Claude Juncker, president of the 17-nation Eurogroup, said “the necessary conditions are in place to launch the relevant national procedures required for the final approval” of its bailout.
Mr Sarkozy, who faces an election next month, added: “I would like to say how happy I am that a solution to the Greek crisis, which has weighed on the economic and financial situation in Europe and the world for months, has been found.”
Holders of 85.8% of debt subject to Greek law and 69% of its international debt holders agreed a debt swap, according to the Ministry of Finance.
Athens needed to get 75% to push through the deal, which is a condition of Greece’s latest bailout.