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1.Market Observations

21 Feb 2012 – (Reuters) Eurozone seals second Greek bailout after tortuous talks

(21 Feb 2012, Reuters, By Annika Breidthardt and Jan Strupczewski)

‘(Reuters) – Euro zone finance ministers sealed a second bailout for debt-laden Greece on Tuesday that will resolve its immediate financing needs but seems unlikely to revive the nation’s shattered economy.’

‘After 13 hours of talks, euro zone officials said ministers had finalized measures to cut Greece’s debt to 120.5 percent of gross domestic product by 2020, a fraction above their original target of 120, after negotiators for private bondholders accepted bigger losses to help plug the funding gap.’

‘Agreement on the 130-billion-euro ($172 billion) rescue package, subject to strict conditions, will help draw a line under months of uncertainty that has shaken the currency bloc, and avert an imminent Greek bankruptcy.’

Read more at Reuters.com

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