Bloomberg News

Papademos Says Agreement on New Aid for Greece Is ‘Historic’

February 21, 2012

Feb. 21 (Bloomberg) -- Greek Prime Minister Lucas Papademos described the euro-area agreement on a second aid package for Greece as an “historic” step for the nation’s economic recovery.

Papademos said his caretaker administration would respect the budget-austerity conditions tied to the rescue and predicted the government that emerges after a general election due as soon as April would do the same.

“We’re very happy with the outcome,” he told reporters today in Brussels after the accord at a European finance ministers’ meeting that he attended. “We worked very hard in order to adopt the new economic program. I am convinced that the government after the election will also be committed to implement the program fully and in a timely fashion because this is in the interest of the Greek people.”

The finance ministers awarded 130 billion euros ($173 billion) in extra aid and coaxed investor representatives into providing more debt relief in an exchange offer meant to tide Greece past a bond redemption next month.

“It’s not an exaggeration to say that today is of historic importance for the Greek economy,” Papademos said. “We have no luxury for delays.”

To contact the editor responsible for this story: Jonathan Stearns at jstearns2@bloomberg.net


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