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Greece under scrutiny again

Monday, December 12, 2011 - 01:16

Inspectors for Greece's international lenders and private creditors hold meetings with the government to prepare for a new 130-billion euro bailout plan to keep the country afloat.

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The debt crisis may have moved on but Greece's problems are far from over. Inspectors from the so-called troika are back - so too are bankers trying to help with debt restructuring. Greece narrowly escaped bankruptcy earlier this month. And a new 130-billion euros bailout plan has been agreed But no money from the new fund has been handed over yet. Greek Finance Minister Evangelos Venizelos. (SOUNDBITE)(Greek) GREEK FINANCE MINISTER EVANGELOS VENIZELOS SAYING: "The negotiations are difficult and crucial, the country must take very significant decisions, and there must be no deviations, there must be no rift, either political or other." A bond swap is a key element of the deal and private sector creditors are taking part in the talks. In October banks agreed to write down the value of their Greek holdings by 50 percent. The move was designed to bring the country's debt ratio down to 120 percent of GDP by 2020 - it's currently 160 percent. But the deepening recession is making it hard for Greece to meet its targets and reforms are proving slow. After meetings this week, the troika will take a break over Christmas before returning in January. Sonia Legg, Reuters.

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Greece under scrutiny again

Monday, December 12, 2011 - 01:16