Greece pledges to get bailout back on track
Tuesday 10 July 2012
Greek Finance Minister Yannis Stournaras has told his eurozone counterparts that he will stick to a programme of budget cuts and economic reforms as part of a €174 billion bailout, after losing time between general elections in May and June. Eurogroup head Jean-Claude Juncker said that as long as Greece stuck to the programme, “appropriate solutions” would be found to pay off a €3.1 billion bond maturing in August. “As to any problems that might arise in August, we will find any appropriate solutions required to avoid problems for Greece,” Juncker said. “There is no need to worry about problems in the month of August.” A deal to give Greece two extra years - until 2016 - to meet the EU’s 3% of GDP deficit target will be discussed in September.