Eurogroup President Jean-Claude Juncker (C) and Greek Finance Minister Evangelos Venizelos (R) before a Eurozone financial ministers’ meeting in Brussels. (Source: Xinhua/ Thierry Monasse)

(VOVworld) - Eurozone finance ministers on Monday gave final approval to the 130-billion-euro second bailout for Greece. The move came after several days of talks between the Greek government and creditors to reach a deal allowing Athens to cut its debt by 100 billion euros from a total debt of 350 billion euros and reduce its debt burden to 120 percent of GDP by 2020 from 160 percent now. Speaking to a press conference in Brussels, Eurogroup President Jean-Claude Juncker said that the new bailout is jointly contributed by eurozone and the International Monetary Fund and the disbursement period will run from 2012 to 2014.
IMF Director General Christine Lagarde said that the Fund will provide 28 billion euros to save the Greek economy and support the country’s economic program for the next 4 years. The Eurogroup welcomed the IMF proposal and Juncker called it a right decision.