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EU Agrees To Bailout Greece Once Again

Courtesy of ZeroHedge. View original post here.

As expected by most (if not all, judging by the 8 year lows in Greek bond yields), European finance ministers have reportedly reached an agreement to bail out Greece once again (provide them with yet another EUR8.5 billion loan), and agreed to discuss the possibility of debt extensions.

Blomberg reports that Euro area finance ministers reached an agreement paving the way for the disbursement of the next tranche of emergency loans, setting out terms of potential debt relief measures, two people familiar with the matter say.

Euro-area finance ministers approved a payout of 8.5 billion euros for Greece, according Luxembourg Finance Minister Pierre Gramegna.

Euro-area finance ministers are mulling a possible extension of the maturities on some Greek loans by 0 to 15 years, according to a draft statement seen by Bloomberg. The preliminary draft, seen during a ministers’ meeting in Luxembourg, includes a proposal to defer the interest and amortization on Greece’s EFSF loans by the same duration

Priced In…Was the deal ever in doubt?

This deal puts an end any uncertainty about the possibility of Greece


defaulting on over EUR7 billion in debt repayments due next month.

So the question is – who exactly are the EU finmins bailing out?


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