Greece Hurries To Satisfy Lender Demands

February 14th, 2012 by James

Greece Hurries To Satisfy Lender DemandsOn Tuesday, the Greece government rushed to find 325 million euros in budget cuts for satisfying finance ministers of the eurozone who are deciding whether to sign off on a rescue package to save the country from a chaotic default.

Political leaders of the country, squeezed between skeptical European capitals and deep anger, need to produce written commitments to stick to the terms of the 130 billion euro ($172 billion) bailout before the ministers meet on Wednesday.

The European Central Bank also said it may use profits from Greek bonds to help restructure the country’s debt.

“They could use it to contribute to the sustainability of Greek debt,” ECB Executive Board member Benoit Coeure said in an interview with French daily Liberation.

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