Greece Set For Bailout Reward As EU Sees Tweaked Aid Terms

By James G. Neuger – Jun 19, 2012

(Bloomberg)

Greece Set for Bailout Reward as EU Sees Tweaked Aid Terms

Greek voters are likely to get a reward for backing pro-euro parties, with European creditors set to ease bailout terms on the debt-swamped country mired in the fifth year of recession.

A first step will be when Greece’s still to-be-formed government requests modifications to the 240 billion-euro ($303 billion) rescue programs, leading to a revision of Greece’s economic-performance targets sometime before September, a European official told reporters in Brussels today.

Europe floated the relief as the victor in the June 17 Greek election, Antonis Samaras of the New Democracy party, accelerated preparations for a coalition government including his historic Socialist rivals with a mandate to loosen the bailout constraints while keeping Greece in the euro.

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