Europe Ministers Free Greek Aid as Swap Paves Way for Rescue
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Euro-area finance ministers freed up part of Greece’s second rescue package, setting the stage for the entire 130 billion-euro ($170 billion) bailout to proceed after investors agreed to take losses on the nation’s debt.
Greece won final approval yesterday of 35.5 billion euros in public funds and an endorsement of its debt swap with private creditors, which includes the use of so-called collective action clauses. The decision allows the bond swap to close this month as planned with as much as 30 billion euros in public sweeteners.