Reuters
May 29, 2011
The European Union is racing to draft a second bailout package for Greece to release vital loans next month and avert the risk of the euro zone country defaulting, EU officials said on Monday.
"I am quite optimistic," the chairman of euro zone finance ministers, Jean-Claude Juncker, said after discussing further aid for Athens with French President Nicolas Sarkozy in Paris.
A total restructuring of Greece's massive debt was not an option, he said, leaving the door open to some tweaking of Greece's debt profile that might involve the private sector, as Sarkozy advocated last week.
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