Friday, October 28, 2011

Greeks Applaud E.U. Agreement to Cut Debt

New York Times
October 27, 2011

George Papandreou, the Greek prime minister, on Thursday hailed his country’s latest bailout as marking “a new day for Europe and for Greece,” after European Union and International Monetary Fund officials reached a deal under which banks would write off 50 percent of the face value of their Greek debt, a major step toward working out an overall deal to safeguard the euro.

“We now have the chance to settle our accounts with the past once and for all, to be relieved of our burden and to enter a period of growth,” Mr. Papandreou told a media conference in Brussels early Thursday after 10 hours of difficult talks. “It’s a new beginning for us, but the work must not stop.”

While Greece must continue to implement tough austerity measures, the deal is meant to bring down the country’s indebtedness to 120 percent of gross domestic product by 2020.


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