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Cabinet Approves Debt Restructuring Plan

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Greece’s cabinet on Friday approved details of a EUR100 billion debt write-down for the country that is part and parcel of a fresh multi-billion euro rescue plan Greece is seeking from its international creditors.

After meeting for a little over an hour, cabinet ministers signed off on the deal paving the way for a formal announcement of the debt deal to be made later on Friday.

“The cabinet has approved the procedure, the terms, and offer relating to the [debt deal],” said a senior government official present at the meeting.

Earlier this week, euro-zone finance ministers approved a fresh EUR130 billion bailout for Greece and the debt-restructuring program. The two deals are linked: Greece’s European partners demanded that the country proceed with a debt restructuring before they would approve the new loan.

Over the next few weeks, Greece’s government must complete some 80 new measures to fulfill those demands, including many that must be completed by March 1, said a second government official.
European Union leaders will meet March 1-2 at a summit to give the final approval to the deal.
(source: Dow Jones)

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