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Eurozone backs second Greece bailout
Eurozone finance ministers back the second Greece bailout after meeting in Brussels.
The second Greece bailout will see the country receive 130 billion.
The eurozone group backed Greece's second bailout of €130 billion pending a contribution from the International Monetary Fund (IMF).
Finance ministers from the eurozone held a meeting in Brussels to approve the package.
The meeting followed Greece swapping most of its privately-held bonds with new ones worth less than half their original value.
Greece's debt-to gross domestic product ratio is also expected to fall to 117%.
The chairman of the eurozone group of finance ministers, Jean-Claude Juncker, who is also the prime minister of Luxembourg, made the prediction after the meeting, saying it would reach that level in 2020.
Mr Juncker said: "We welcome the IMF's proposal to recommend a €28 billion contribution to the Greek facility. We look forward to the discussion and the decision by the IMF board on March 15."
He said he was confident the IMF would agree the money but that he was "still dependent on that decision".
"Against this background, we approved the launch of the second programme, pending the completion of the national procedures," Junker said.
