Bloomberg News

Greek Accord Closes Door to Uncontrolled Default, Barroso Says

February 21, 2012

Feb. 21 (Bloomberg) -- The 130 billion-euro ($172 billion) Greek bailout package approved by European finance ministers earlier today will end the threat of an uncontrolled default, European Commission President Jose Barroso said.

“The agreement is an essential step forward, for the country and for the euro area as a whole,” he told journalists in Brussels. “It closes the door to a scenario of an uncontrolled default.”

Fiscal consolidation and structural reform are the only way Greece can move forward, Barroso said. “The measures are essential, and in many cases long overdue,” he said, adding that “we are completely committed to the future of the euro.”

To contact the editor responsible for this story: Jennifer M. Freedman at

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