Euro Bailout Fund Gets Ministers’ Approval to Raise Money for Greek Swap |
| Bloomberg - Mar 1, 2012 |
Euro-area finance ministers authorized the region’s bailout fund to raise money for Greece’s bond exchange, the first step in releasing funds from a 130 billion-euro ($173 billion) rescue package.
Greece has passed “all required legislation” and the ministers “note with satisfaction” the progress achieved, said Luxembourg Prime Minister Jean-Claude Juncker in a statement after chairing a meeting of the finance chiefs in Brussels today. As a result, they gave the go-ahead to the European Financial Stability Facility to issue bonds to finance their role in the debt swap.
The bond exchange, which imposes a loss of more than 70 percent on private investors, needs to succeed for the EFSF to distribute the cash and for the rescue package to receive final approval, said Juncker. He said the ministers were “confident” that the debt swap offer includes “sufficient attractive and unique features” to attract broad participation.
Read Full Article from Bloomberg
- Posted: 2012-03-01 11:47:28
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