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Ministers Set To OK Greek Rescue

Euro finance chiefs gather in Brussels to review Greeces progress.

By Rebecca Christie and Gabi Thesing, Bloomberg | Updated on March 01, 2012

Euro-area finance ministers are set to clear a second rescue for Greece today to avoid what Italian Prime Minister Mario Monti described as a potential “brutal outcome” for the Greek economy.

Euro finance chiefs, gathering in Brussels today before a summit of leaders from the 27-nation European Union, will review Greece’s progress on meeting the conditions of the 130 billion-euro ($173 billion) aid package, which they approved last week. That will pave the way for a loan payment before a March 20 Greek bond redemption and the completion of a debt exchange intended to ease the country’s financing load.

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