BBC News
January 9, 2012
An agreement with Greek bondholders must come soon for Greece to receive a vital second bailout, Germany's Chancellor Angela Merkel says.
"The second Greek aid package, including this [debt] restructuring, must be in place quickly.
"Otherwise it won't be possible to pay out the next tranche for Greece," she told a news conference.
Greece needs a second EU-IMF rescue to avoid a default on its debts and possible exclusion from the eurozone.
The rescue, worth 130bn euros (£107bn), would include a voluntary restructuring of Greek debt - meaning bondholders would have to write off 50% of the Greek bonds' value.
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