Greece has secured some much needed breathing
space after reaching a deal with eurozone finance ministers on its bailout package.
Brussels has agreed to extend the loan to Athens by four months.
In return,… Greece has promised to honor all of its financial commitments in a timely
manner. Ji Myung-kil reports.
The deal struck by European finance officials on Friday will unlock further aid from Greece′s
2-hundred-73 billion U.S. dollar bailout package and extend the deal for another four months.
“There is a hope to reach in the end a positive outcome, to have a successful review and conclusion
of the program in time. And that required trust and I think tonight was a first step
in this process of rebuilding trust. As you know trust comes or leaves quicker than it
comes.” On Monday, Greece must send its creditors
a list of all the reforms it plans to take over the next four months.
If the measures are deemed acceptable, European finance ministers could sign off on an extension
of the bailout agreement on Tuesday. If ratified,… the deal will end weeks of
uncertainty since the election of a leftist-led government in Athens which had pledged to
reverse austerity. “Today, we have found partners amongst those
who, up until very recently, looked at us with suspicion. There are some partners still
that are looking at us with suspicion. This is our challenge to win over their trust and
we intend to do this.” Greece′s biggest creditor, Germany, had
demanded a significant improvement in reform commitments by Athens before it would accept
an extension of eurozone funding. Without an extension of international support,
Greece risked a run on its banks and would have had trouble paying its bills.
Two previous attempts to secure an agreement in the last ten days had failed.
The euro gained ground on news of the deal but European markets have largely taken the
uncertainty over Greece′s fate in their stride.
Ji Myung-kil, Arirang News.