Greek Finance Minister: Deal for 2nd Bailout ‘Attainable’

Posted July 18th, 2011 at 6:35 pm (UTC-5)
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Greek Finance Minister Evangelos Venizelos says a deal for another economic bailout for Greece is “attainable” at this week’s emergency European Union summit in Brussels.

Venizelos tells the Associated Press that a deal can be reached. He calls a solution for Greece a “self-defense mechanism” that will help avoid a “domino effect” in which Greece’s problems would spread across the entire eurozone.

Venizelos also tells the AP he believes Greece can have a budget surplus by next year.

Thursday’s talks in Brussels will focus on a second bailout for Greece. Last year’s $160 billion bailout — along with sharp spending cuts and tax increases — failed to bring any major improvements to the Greek economy.

EU officials must work out the details of a second bailout, including Germany’s desire to have more private investors help out Greece.