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News Link • Economy - International

Greece averts immediate default, markets skeptical

• Reuters By George Georgiopoulos and Lefteris Pap
 

Finance Minister Evangelos Venizelos hailed the deal, which the nation's international lenders had demanded in return for the 130 billion euro ($172 billion) bailout, as marking a long-awaited success for all Greeks enduring a long recession.

 

The European Union said the swap, under which private creditors have accepted heavy losses on their Greek bond holdings, would make a "decisive contribution to financial stability in the euro area as a whole".

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