Pressure on EU to finalise second Greek bailout

EXPERTS are working overtime to come up with a second Greek bailout worth about €120 billion for Thursday’s emergency eurozone summit.

EU leaders are under increasing pressure to agree a comprehensive solution, as contagion from Greece threatens Spain and Italy.

Germany continues to insist private investors holding Greek debt must take a hit, while the Institute of International Finance (IIF) representing the bankers want the EU to agree to buy back debt on the secondary markets in exchange.