Greece Buys Time as Europeans Press to Conclude Bailout
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Europe pulled Greece back from the brink of default, gaining time to hammer out a formula for ending the debt crisis.
European finance ministers authorized an 8.7 billion-euro ($12.6 billion) loan payout to Greece by mid-July, basing a second three-year bailout package on talks to corral banks into maintaining their Greek debt holdings. A proposed debt rollover plan for Greece may still put the country in “effective default,” Standard & Poor’s said today.