Deal reached on second Greek bailout package

[DanTex]

(Reuters) - Euro zone finance ministers struck a deal early on Tuesday for a second bailout program for Greece that includes new financing of 130 billion euros and aims to cut Greece's debt to 121 percent of GDP by 2020, two EU officials said.

"The financial volume (of the Greek package) is 130 billion euros and debt-to-GDP (will be) 121 percent. Now it's down to work on the statement," one official involved in the negotiations told Reuters.

Another official confirmed that the financing would total 130 billion euros with the aim of reducing Greece's debts from around 160 percent of GDP now to 121 percent by 2020, but cautioned that drafting of the deal was only just starting.

Private sector holders of Greek debt are expected to take losses of up to 53.5 percent on the nominal value of their bonds as part of a debt exchange that will reduce Greece's debts by around 100 billion euros.
...

http://www.reuters.com/article/2012/02/21/us-greece-idUSTRE8120HI20120221

[bluestateguy]

1. Oh here we go: the Greek bailout of the week

I'm not going to pay attention to this anymore.

[iandhr]

2. Greece is between a rock and a hard place

The Greek people are screwed no matter what.

[xtraxritical]

4. Scylla and Charybdis ? eom

[Relentless Bitch]

3. 170 billion dollars

So, the end of the world has been postponed?

[DeSwiss]

5. No, the thefts will go on as scheduled....

...because I think they still have the Parthenon, and a couple of museums with a few artifacts. Although competing customer activity is quite brisk:

- Those robbers have more to fear from Goldman-Sachs for stealing their pirate booty than they do the Greek Police.......