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.

Pressure on EU to finalise second Greek bailout
Tue, 19 Jul, 2011 - 01:00
Ann Cahill, Europe Correspondent

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.

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