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ForexTV NewsDesk | February 9 2012 10:45 EST
ForexTV.com (New York) by Chikako Shitani
After months of dramatic markets movement, Greek Political leadersdesperately grabbed its agreement Thursday on an austerity package to comply with demands set by international creditors for its second bailout deal.
"An agreement among political leaders has been reached on all matters. A statement will come out shortly," according to a spokesman for Geek Prime Minister Lucas Papademos's office. The deal is estimated to unlock the 130 billion euros, or $172 billion, in new loans and save Greece from potentially catastrophic default.
After two years of its first austerity policies, the deal has to slash spending by over €3 billion in 2012, further cut retiree pension benefits and reduce the minimum wage of as much as 22%. Also the deal is expected to pave the way for a bond swap under which private investors would take losses by more than 70%. The head of the E.C.B, Mario Draghi refused to comment on how Greek bonds held by the E.C.B and national central banks would be affected under the terms of the swaps.
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