Decision day for second Greek bailout

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Decision day for second Greek bailout

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Eurozone finance ministers have arrived in Brussels for talks to give the green light for a second huge bailout for the debt stricken country. After months of uncertainty, hopes are high Athens will finally get the structural funds needed to avert a messy default before a crucial bond auction in March.

Speaking to waiting journalists, Eurogroup chief Jean-Claude Juncker said: “The Greek government has made a big effort to do what we’ve asked. I’m convinced today is the day we have to get our act together, as time is of the essence.’‘

The Greek Finance Minister Evangelos Venizelos said he also expected a deal but economists doubt whether the 130 billion euro package will be enough to solve Greece’s chronic economic problems.

Outside the European Council in Brussels euronews’ Margherita Sforza said: ‘‘The ultimate objective is to cut Greece’s deficit from 160% to 120% of GDP by 2020. That level is considered sustainable by the European Central Bank, the EU Commission and the International Monetary Fund. But it is still unclear if it truly is a sustainable level of debt for a country which has been struggling to exit recession for years.’‘