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EU to Make Final Decision Next Week on Greek Bailout

Euro-zone ministers will have a follow up discussion next week to make a final decision on the second Greek bailout package, Finland and Germany’s finance ministers said Thursday.
German Finance Minister Wolfgang Schäuble said the teleconference to approve a second Greek package would likely happen next Friday after the deadline for the Greek debt swap.
“There are still a few things that we have to evaluate, but we were able to make a positive decision in principle so that we can release the funds that are required for the debt swap,” he told reporters.
“Beyond that, we will decide on releasing funds from the second Greek program when the results of the debt swap have been evaluated. Greece has made a lot of progress and is well on the way,” he said.
European economic affairs Commissioner Olli Rehn said he thinks the worst is over for Greece. “I’d say that a very important step has been taken today, following the private sector action, towards reaching the program crucial to putting the Greek economy back on a sustainable path and create growth.”
Finnish Finance Minister Jutta Urpilainen said that “I myself, and all my colleagues, were very pleased” with Greece’s progress on the measures it had pledged to implement to win a second bailout program. They were briefed earlier Thursday in Brussels by Greek Finance Minister Evangelos Venizelos.
She said a teleconference between the finance ministers and Greece has been scheduled for next week, where the Greek minister has been asked to go into further details. The final green light for as much as €93.5 billion ($125 billion)—which Greece needs to implement the debt swap—will come next week.
(source: Dow Jones)

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