Eurozone Agrees on Deal to End Greece's Bailout
BRUSSELS (Dispatches) - Eurozone financial ministers have agreed to complete the eight-year bailout program for Greece, including debt relief and a big cash payout for Greece, Eurogroup President Mario Centeno announced in the early hours of Friday.
Greece's third bailout is due to end in August. The 19-nation eurozone's financial ministers gathered in Luxembourg debating how to alleviate Greece's burden of repayment on debts.
Suffering from financial crisis, Greece has had to rely on three bailouts since 2010, totaling 320 billion euros (372 billion U.S. dollars). The latest bailout, totaling 86 billion euros under the European Stability Mechanism (ESM) was granted in 2015. And Greece in return has to deliver more than 450 reforms.
Greece's third bailout is due to end in August. The 19-nation eurozone's financial ministers gathered in Luxembourg debating how to alleviate Greece's burden of repayment on debts.
Suffering from financial crisis, Greece has had to rely on three bailouts since 2010, totaling 320 billion euros (372 billion U.S. dollars). The latest bailout, totaling 86 billion euros under the European Stability Mechanism (ESM) was granted in 2015. And Greece in return has to deliver more than 450 reforms.