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Friday, June 3, 2011

The Second Bailout of Greece

The second bailout of Greece, which will effectively replace a 110 billion euro (97 billion pounds) scheme launched in May last year, will run until mid-2014, giving Athens an additional year of financial support beyond the original plan, the source said.

The euro rose moderately to a fresh one-month high above $1.45 and U.S. stock prices came off lows in response to the news, which seemed to remove the risk of Greece defaulting on its 330 billion euro sovereign debt this year.

Officials from the European Union, the European Central Bank and the International Monetary Fund, which put together the first bailout, have been working with the Greek government for weeks on a new plan for spending cuts, revenue increases and privatisations by Athens after it missed fiscal targets under the original scheme.

The source said the new bailout would cover Greece's funding needs on the assumption that it could not resume borrowing from capital markets in 2011 or 2012. The original bailout envisaged Athens raising 27 billion euros from the markets next year and 38 billion euros in 2012.

The source said the new programme would involve detailed commitments by Greece on the management of a new national wealth agency and on the timing of specific privatisations, but would stop short of intrusive international supervision of the agency.

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