Greek bailout plan expected to be approved

Updated: 2012-02-21 01:52


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In spite of the rosy picture painted by the officials, uncertainties still remain over details of the bailout program.

"Technical problems are being discussed, individual parameters are being examined and preferences or priorities of institutional partners or member states are affecting the mood of the talks," said Venizelos.

According to Juncker, "there are still questions as to how much the public sector can contribute and how we will handle the issue of private creditors in detail."

He said the finance ministers would have to discuss the total volume of the second program, adding that the figure could not go beyond 130 billion euros.

German Finance Minister Schaeuble, in the mean time, highlighted the need to clarify on the involvement of private creditors to make sure that Greece's debt to GDP ratio will not exceed 120 percent by the year 2020.

"There is still some work to do and we have to make sure that the program is implemented," Schaeuble added.

Slovakian Finance Minister Ivan Miklos was also worried about the sustainability of the Greek debt and the potential need to increase the amount of the bailout loans.

"There are many risks. The biggest one, very likely, is the relevance of this commitment after Greece's upcoming election," he said.

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