Greek deal: The details

The second bailout for Greece will exchange €130 billion for a harsh programme of austerity that is meant to help reduce its debt to 120.5 percent of GDP by 2020.

21st February, 2012
Greek deal: The details
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The second bailout for Greece will exchange €130 billion for a harsh programme of austerity that is meant to help reduce its debt to 120.5 percent of GDP by 2020.

Investors will forgive 53.5 per cent of their principal and exchange their remaining holdings for new Greek government bonds and notes from the European Financial Stability Facility.

The agreement will reduce Greece’s debt burden by €107 billion, about half the country’s estimated gross domestic product for 2011. Greece’s...

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