ECB is prepared to contribute to lightning Greece debt burden

ECB is prepared to contribute to lightning Greece debt burden : Greece has been kept solvent for the last two years by €110 billion in international rescue loans. But it needs to get its hands on another €130 billion. Otherwise, it will not have enough money to pay off a big bond redemption on March 20.

However, in order to get the money, the country's coalition leaders must agree on a new slate of tough austerity measures. On Wednesday, the leaders were to study a draft deal that was prepared with the country's debt inspectors.

The Wall Street Journal said that the European Central Bank is prepared to contribute to lightening Greece's debt burden, which should help pave the way to an agreement. According to the report, the ECB would essentially give up on profits that it stands to gain on its Greek bond holdings by handing them over to the European bailout fund, which then will sell them back to Greece. Athens would gain billions in the deal. For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today

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