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Euro Leaders Back Greek Payout

Ministers gather to sign off on second bailout for Greece and discuss Portugal and Spain.

By By Patrick Donahue, Bloomberg | Updated on March 12, 2012

Euro-area finance ministers seeking to step past the largest sovereign debt restructuring in history will attempt to gain a foothold this week as they grapple with implementing the latest Greek bailout.

Ministers from the 17 nations that share the euro will gather in Brussels today to sign off on the 130 billion-euro ($170 billion) second package for Greece after bondholders agreed last week to take a loss on the country’s debt. They’ll also focus on Spain’s budget-cutting efforts and Portugal’s aid program, underscoring their desire to prevent contagion.

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