Greek Prime Minister Lucas Papademos and Finance Minister Evangelos Venizelos attend a press conference after a night discussion of Eurogroup finance ministers on the second bailout plan for Greece in Brussels, capital of Belgium, Feb. 21, 2012. . (Xinhua/Wu Wei)

(VOVworld) – Eurozone finance ministers have agreed a second bailout for Greece to help the country slash its debt to 120.5 percent of gross domestic product. Chairman of the eurozone finance ministers group Jean-Claude Juncker said on Tuesday that the 130-billion-euro bailout will be followed by a bond swap aimed at avoiding a disastrous default next month. To qualify for the financial package from the EU and the International Monetary Fund (IMF), Greece must approve 325 million euros of additional austerity measures, completing a 3.3 billion euro package of cuts. Earlier, EU and IMF leaders demanded that Greece reduce its budget deficit to 120 percent of GDP by 2020.

Chinese foreign ministry spokesman Hong Lei said Beijing supports the EU efforts to address the euro debt crisis, and that China will continue to work with the EU and IMF to deal with the problem.