July 21, 2011
Euro-zone leaders are debating a new bailout package for Greece that will likely include new rescue loans of roughly €70 billion ($99.51 billion) and a program to exchange much of Greece's outstanding bond debt for new, 30-year bonds, people familiar with the talks said.
The proposed package being discussed at a summit in Brussels Thursday follows from a consensus reached Wednesday night by German Chancellor Angela Merkel and French President Nicolas Sarkozy, these people say.
Germany and France have opted not to press for a bank tax to help finance the new rescue package for Greece, according to these people.
A senior euro-zone official who will participate in preparatory talks ahead of Thursday's summit said the overall size of the new package "is expected to be similar in size as the first one." Greece got a €110 billion loan from its European Union partners and the International Monetary Fund last year.
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