Eurozone approves Greece bailout

Finance ministers of the 17-member Eurogroup Monday night gave the political approval of a second bailout of 130 billion euro to Greece to save the country from bankruptcy. "The new Greek programme is not only in its starting blocks but has been politically adopted tonight by the Eurogroup," the president of the Eurogroup Jean-Claude Juncker told a late night press conference. He noted that the formalization of this approval will be finalized by Wednesday after the finance ministers have checked if all the internal national procedures have been fulfilled. On his part, EU Commissioner for economic affairs, Olli Rehn , said the second financial programme has a very strong emphasis on economic reforms that can bring much needed growth and jobs to Greece. "Of course the success of the program mewill essentially depend on unwavering implementation and political unity in Greece," he stressed. Greece has agreed to implement strict but unpopular austerity measures in order to get the second loan. The Ministers also discussed about that Spanish deficit which was higher than the deficit target of 4.4% of GDP for 2012 agreed with Brussels. "We welcome the commitment of the Spanish government to meet the 2013 deadline for the correction of the excessive deficit, bringing the deficit below 3% of GDP," said Juncker.