Euro Ministers Cautious On Greek Bailout Deal

By: AP
By: AP

BRUSSELS (AP) -- The chairman of the meeting of eurozone finance ministers says Greece has to identify an extra (euro) 325 million ($432 million) in savings for 2012 in order meet the terms of a much-needed bailout.

Jean-Claude Juncker said Thursday the Greek parliament will also have to pass the full package of cuts and reforms on Sunday and party leaders have to make clear that they will back the measures after elections.

He said if those conditions are met, the eurozone finance ministers could give the green light to a bond-swap deal with private creditors to cut Greece's debt by some (euro) 100 billion at their next meeting Wednesday.

The austerity measures and the debt swap deal are key conditions for a (euro) 130 billion bailout that Greece needs to avoid default.

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