Wall Street Journal
July 2, 2011
Euro-zone finance ministers are considering giving themselves more time, possibly until September, to agree on a second bailout package for Greece and define how to involve private creditors, people familiar with the matter said Friday.
The ministers are set to approve the disbursement of a tranche of aid for Greece when they hold a conference call on Saturday, but an agreement on a new package aimed at securing financing for the Mediterranean country through 2014 may be held off until later this summer, these people said.
The call will replace a meeting in Brussels, initially scheduled for Sunday, during which euro-zone finance ministers were expected to agree on how private creditors may contribute to the second bailout plan.
The European Union and the International Monetary Fund, which helped bankroll Greece's first €110 billion ($160 billion) rescue package last year, have said they want private creditors to shoulder part of the burden of any new bailout plan. European governments have said they would like private creditors to roll over as much as €30 billion of Greek bonds due by 2014 to help finance a package that could total between €90 billion and €120 billion.
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