Originally posted by the Voice of America.
Voice of America content is produced by the Voice of America,
a United States federal government-sponsored entity, and is in
the public domain.


    July 21, 2011

European Leaders Adopt Second Greek Bailout

   VOA News
   Greece's Prime Minister George Papandreou (L), European Council
   President Herman Van Rompuy (C) and European Commission President Jose
   Manuel Barroso (R) Photo: REUTERS
   Greece's Prime Minister George Papandreou (L), European Council
   President Herman Van Rompuy (C) and European Commission President Jose
   Manuel Barroso (R) address a joint news conference at the end of an
   euro zone leaders crisis summit in Brussels July 21, 2011

   European leaders have adopted another package of measures aimed at
   preventing Greece from defaulting on its huge public debt and
   stabilizing the common European currency.
   The European Union and the International Monetary Fund said Thursday
   they will give Greece a second bailout worth about $155 billion.
   Officials from the continent's 17 nations that use the euro met in
   Brussels Thursday. After the meeting, European Union President van
   Rompuy and European Commission President Jose Manuel Barroso said
   participants unanimously supported a package they called a Marshall
   Plan for Greece to ensure the sustainability of its debt and prevent
   the crisis.
   Greek Prime Minister Georgios Papandreou hailed the package as a
   solution that's good for the Gree people as well as for businesses.
   In the last year, Greece - and later, Ireland and Portugal - were
   forced to secure international financial assistance from their European
   neighbors and the International Monetary Fund. But Greece, even after
   adopting austerity measures to cut spending and raise taxes, says it
   needs another bailout of about the same size as last year's
   $156-billion figure.
   The continent's officials, including Eurogroup President Jean-Claude
   Juncker and others, earlier said Greece may incur what they called a
   "selective default" on their current obligations.
   That could mean that Greece might miss a payment to bond holders on
   some loans while continuing to make payments on others. Or it could
   exchange old debt for new loans on terms that would leave creditors
   worse off.
   Hours before the summit started, the leaders of France and Germany,
   Europe's two largest economies, reached an agreement on helping Athens.
   French President Nicolas Sarkozy met with German Chancellor Angela
   Merkel in Berlin before they headed to Brussels.

   Some information for this report was provided by AP, AFP and Reuters.

.