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Post by bot on Feb 10, 2012 3:33:59 GMT -5
Euro-zone ministers see Greek deal next week from MarketWatch.com - MarketPulse SYDNEY (MarketWatch) -- Euro-zone finance ministers held off on approving the country's second tranche of aid, saying late Thursday that the Greek parliament needs first to ratify an agreement on new austerity measures. "The future of Greece is, first and foremost, in the hands of those who have the political responsibility in the government," said Europe Group president Jean-Claude Junker and European Economic Commissioner Olli Rehn in a joint press conference held after a meeting in Brussels. The ministers said "it is now up to the Greek government" to take action. A draft agreement on private-sector involvement that will reduce Greek debt to 120% of gross domestic product is "practically finalized" and is expected to be approved as part of the wider funding package next week, the ministers said. Frank Vogl, representative of the Institute of International Finance lobby group, said after the meeting: "We welcome the progress that has been achieved on the overall Greek program. We look forward to the finalization of the entire package, including the PSI....when the Eurogroup meets next Wednesday."
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