The Eurozone to decide on the participation of banks in Greece’s bailout

The finance ministers from the Eurozone will meet tomorrow for the consecutive round of consultations on the bailout plan for Greece. The most important issue to be discussed is how private banks will participate in the new rescue package for the troubled country amidst concern that the debt crisis could spread to Italy, AFP reported. On Tuesday, the finance ministers will be joined by their colleagues from the entire EU. Nevertheless, no any specific proposal is expected for the time being and the finalisation of the second bailout plan for Greece has been postponed for the autumn.

Actually, there is no pressure for hasty action now, after the ministers voted the release of the credit needed in July. Europe’s biggest banks gathered in Paris last week to discuss how the private sector would participate in rescuing Greece and under what conditions. However, consensus could not be reached. As known, the governments from the Eurozone want the significant participation of the private sector in an eventual new rescue plan, estimated at €115 bn by mid-2014. A bailout package of €110 bn was extended by the EU and IMF last year. “The parameters of the financial injection will probably be known in September,” said the new French Finance Minister Francis Baron, quoted by AFP. Stress tests results for the banks’ stability in case of new crises will be another major issue of discussion at the meeting of finance ministers from the Eurozone.

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