Monday, November 26, 2012

Greek Debt Deal Reached

by Bill McBride on 11/26/2012 07:38:00 PM

Press conference here.

From Reuters: Euro zone, IMF reach deal on long-term Greek debt

Euro zone finance ministers and the International Monetary Fund clinched agreement on a new debt target for Greece on Monday in a breakthrough towards releasing an urgently needed tranche of loans to the near-bankrupt economy, officials said.

After nearly 10 hours of talks at their third meeting on the issue in as many weeks, Greece's international lenders agreed to reduce Greek debt by 40 billion euros, cutting it to 124 percent of gross domestic product by 2020, via a package of steps.
From AlphaVille: A mere three weeks later, a Greek debt deal (?)

UPDATE: Press release here: Eurogroup statement on Greece.

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