Contact Us
Make My Homepage

EU Official: Greece Needs Extra $20-Billion

Giuseppe Finocchiaro, Getty Images

Greece already needs another big bailout, but now a European Union official says it needs to be $20 billion more than has been discussed.

Greece is close to a deal with private investors to reduce its debt burden by about $130 billion. That and a commitment to enact deep spending cuts are needed to secure a $170 billion bailout from Greece’s European partners and the International Monetary Fund. But international debt inspectors calculate another $20 billion is needed to bring Greece’s debt down to a manageable level, considered to be 120 percent of the country’s economic output.

A European Union official says the extra money should come either from the other eurozone countries or by having the European Central bank, its national counterparts and state-owned banks taking a loss on their Greek bond holdings.

Germany’s finance minister said today that he doesn’t see the need for “any extra contributions from the public sector,” adding, “we’re carrying everything anyway.”


(Copyright 2012 by The Associated Press.  All Rights Reserved.)

Best of NJ101.5

Recommended For You

Best of the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account just click on the account activation button below. You will maintain your existing VIP profile. After you do this, you will be able to always log in to using your original account information.

*Please note that your prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

(Forgot your password?)

Not a member? Sign up here

Sign up for New Jersey Insiders quickly by connecting your Facebook account. It's just as secure and no password to remember!

Sign up to have exclusive New Jersey Insiders contests, events, coupons, presales, and much more delivered to you for FREE.