Euro Ministers Keep Pressure on Greece as Debt Swap Advances
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Euro-area finance ministers kept up pressure on Greece as they authorized the region’s bailout fund to raise money for a bond exchange, the first step in releasing funds from a 130 billion-euro ($173 billion) rescue package.
Greece has passed “all required legislation” and the ministers “note with satisfaction” the progress achieved, Luxembourg Prime Minister Jean-Claude Juncker said after chairing a meeting of the finance chiefs in Brussels yesterday before he joined a European Union summit. As a result, they gave the go-ahead to the European Financial Stability Facility to issue bonds to finance their role in the debt swap.