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Greek bailout 'elements in place', says France's Baroin Greek bailout 'elements in place', says France's Baroin
(40 minutes later)
All the elements are in place for agreement on a new bailout loan for Greece, the French finance minister has said, ahead of a meeting of eurozone finance ministers in Brussels.All the elements are in place for agreement on a new bailout loan for Greece, the French finance minister has said, ahead of a meeting of eurozone finance ministers in Brussels.
Athens needs the 130bn euros (£110bn; $170bn) in order to avoid bankruptcy in mid-March, when a huge repayment on its governmental debt must be made.Athens needs the 130bn euros (£110bn; $170bn) in order to avoid bankruptcy in mid-March, when a huge repayment on its governmental debt must be made.
French Finance Minister Francois Baroin said Greece could not wait any longer.French Finance Minister Francois Baroin said Greece could not wait any longer.
On Sunday Greek PM Lucas Papademos went to Brussels to try to clinch the deal.On Sunday Greek PM Lucas Papademos went to Brussels to try to clinch the deal.
US Treasury Secretary Timothy Geithner said the US was encouraging the International Monetary Fund (IMF) to support the bailout, but it is not clear how much the IMF will contribute.
For two years Greece has been at the epicentre of the eurozone crisis.For two years Greece has been at the epicentre of the eurozone crisis.
Some of the eurozone ministers meeting in Brussels are expressing confidence they'll agree on a second massive bailout for Greece - and so stave off bankruptcy.Some of the eurozone ministers meeting in Brussels are expressing confidence they'll agree on a second massive bailout for Greece - and so stave off bankruptcy.
But optimism has been misplaced before. The eurozone has yet to agree on how to keep the pressure on Greece to ensure it lives up to its promises.But optimism has been misplaced before. The eurozone has yet to agree on how to keep the pressure on Greece to ensure it lives up to its promises.
And there are doubts that even with the bailout Greece will reach the target of reducing its debt to a sustainable level.And there are doubts that even with the bailout Greece will reach the target of reducing its debt to a sustainable level.
More funds may still have to be found. It's also not clear how much money the IMF will put in. And some ministers remain sceptical that Greece can be trusted.More funds may still have to be found. It's also not clear how much money the IMF will put in. And some ministers remain sceptical that Greece can be trusted.
The rescue plan would also write off 100bn euros of debt, with private lenders accepting a 70% reduction in what Greece owes them.The rescue plan would also write off 100bn euros of debt, with private lenders accepting a 70% reduction in what Greece owes them.
Eurozone doubts In return, they would receive cash and new bonds, expected to mature in 30 years' time.
Elections ahead
Mr Baroin said he would plead for the deal at Monday's meeting of eurozone finance ministers.Mr Baroin said he would plead for the deal at Monday's meeting of eurozone finance ministers.
"All the elements are in place... both with the bankers, private sector creditors, and public sector creditors, the states and central banks," he told Europe 1 radio."All the elements are in place... both with the bankers, private sector creditors, and public sector creditors, the states and central banks," he told Europe 1 radio.
Five straight years of recession have left Greece with a debt that is more than 160% of its Gross Domestic Product (GDP).Five straight years of recession have left Greece with a debt that is more than 160% of its Gross Domestic Product (GDP).
Eurozone leaders and the IMF said in October that Greece's debt should be reduced to the more sustainable level of 120% of GDP by 2020.Eurozone leaders and the IMF said in October that Greece's debt should be reduced to the more sustainable level of 120% of GDP by 2020.
Successive rounds of austerity measures, demanded by the EU, the IMF and the European Central Bank - Greece's international creditors - have failed to restore growth and have provoked clashes between protesters and police.Successive rounds of austerity measures, demanded by the EU, the IMF and the European Central Bank - Greece's international creditors - have failed to restore growth and have provoked clashes between protesters and police.
The Greek government fell last year after ex-Prime Minister George Papandreou called for a referendum on the eurozone rescue package.
He was replaced by Lucas Papademos, an unelected technocrat who is expected to lead Greece until parliamentary elections in April.
Measures passed by parliament last week set out 3.3bn euros' worth of cuts to salaries and pensions, and health and defence spending.Measures passed by parliament last week set out 3.3bn euros' worth of cuts to salaries and pensions, and health and defence spending.
Several thousand people protested in Athens on Sunday against further cuts agreed to by Mr Papademos' cabinet on Saturday - but the numbers were far reduced from the tens of thousands who protested last week.Several thousand people protested in Athens on Sunday against further cuts agreed to by Mr Papademos' cabinet on Saturday - but the numbers were far reduced from the tens of thousands who protested last week.
US Treasury Secretary Timothy Geithner said the US was encouraging the International Monetary Fund (IMF) to support the bailout, but it is not clear how much the IMF will contribute.
Some eurozone finance ministers doubt Greece's commitment to its spending pledges and want strong mechanisms to ensure its debts are paid.Some eurozone finance ministers doubt Greece's commitment to its spending pledges and want strong mechanisms to ensure its debts are paid.
It is not yet clear how the eurozone intends to keep the pressure on Greece to ensure it fulfils its commitments, says the BBC's Europe editor, Gavin Hewitt.It is not yet clear how the eurozone intends to keep the pressure on Greece to ensure it fulfils its commitments, says the BBC's Europe editor, Gavin Hewitt.
And, he adds, there are doubts that even with the bailout Greece will be able to reduce its debt to a sustainable level.And, he adds, there are doubts that even with the bailout Greece will be able to reduce its debt to a sustainable level.
Funds from elsewhere may need to be found.Funds from elsewhere may need to be found.
On Wednesday, the eurozone finance ministers said Greece had made "substantial progress", but demanded more detail, including a full timeline for implementing the measures.On Wednesday, the eurozone finance ministers said Greece had made "substantial progress", but demanded more detail, including a full timeline for implementing the measures.
Jean-Claude Juncker, head of the so-called Eurogroup, said more work was needed to strengthen oversight of how Greece would implement its austerity plans.Jean-Claude Juncker, head of the so-called Eurogroup, said more work was needed to strengthen oversight of how Greece would implement its austerity plans.
This would be the second bailout for Greece. A first rescue fund of 110bn euros in 2010 was not enough to avert the crisis.This would be the second bailout for Greece. A first rescue fund of 110bn euros in 2010 was not enough to avert the crisis.
Are you in Greece or another of the Eurozone countries? What is your reaction to the possibility of a new bailout loan? You can send your comments to the BBC using the form below:Are you in Greece or another of the Eurozone countries? What is your reaction to the possibility of a new bailout loan? You can send your comments to the BBC using the form below: