June 24, 2011
Europe’s leaders prepared the way on Friday for a second large bailout of Greece, pledging not to abandon the nation to a default provided that its Parliament approves a tough package of austerity measures next week.
“We have agreed that there will be a new program for Greece,” Angela Merkel, the chancellor of Germany, told reporters at the end of a two-day meeting in Brussels. “This is an important decision that says once again we will do everything to stabilize the euro over all.”
The comments came a day after Greece agreed with international creditors to more austerity measures as part of revised plans for 2011-15 aimed at plugging a gap in its future financing.
If the Greek Parliament approves this proposal next week, the European Union and the International Monetary Fund will release a 12 billion euro ($17 billion) tranche of emergency aid, and then put together a second rescue.
The shape and size of the new bailout could become clear at a meeting on July 3 of euro zone finance ministers in Brussels.
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