German Finance Minister Wolfgang Schaeuble said he expects Greece to complete a debt-swap deal with private creditors in two weeks if all conditions are met.
Euro-area finance ministers are set to clear a second rescue for Greece at a meeting in Brussels today to avoid what Italian Prime Minister Mario Monti described as a potential “brutal outcome” for the Greek economy.
”We’re here today to check if Greece has fulfilled its prior actions requirements,” Schaeuble told reporters as he entered the meeting. If ministers clear the bailout, the debt swap “should be concluded the week after next.”
Asked if ministers would discuss a third Greek rescue, Schaeuble said it’s “premature” to consider that possibility. “We haven’t even signed off on the second one,” he said.
Asked if ministers would discuss relaxing Spain’s deficit target, Schaeuble said today’s meeting would focus on Greece.
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