Bloomberg News

Greek Finance Ministry Official Notes Some Progress on Bailout

February 20, 2012

Feb. 20 (Bloomberg) -- European Union officials neared agreement on some aspects of a second Greek financing package in talks in Brussels yesterday, a Greek finance ministry official said.

Agreement appeared to be forged on reduced interest rates for loans granted to Greece in a first bailout package as well as on national central banks using their investment portfolios in Greek bonds to reduce the country’s debt burden, said the official, who declined to be named.

There are still issues outstanding related to the European Central Bank forgoing profits on Greek bonds held and the possibility of deeper losses for the private sector continues to be discussed, the official said. Talks on the use of an escrow account for Greece progressed at a satisfactory pace, the official said.

To contact the editor responsible for this story: Maria Petrakis at mpetrakis@bloomberg.net


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