Euro-area finance ministers seeking to step past the largest sovereign debt restructuring in history will attempt to gain a foothold this week as they grapple with implementing the latest Greek bailout.
Ministers from the 17 nations that share the euro will gather in Brussels today to sign off on the 130 billion-euro ($170 billion) second package for Greece after bondholders agreed last week to take a loss on the country's debt. They'll also focus on Spain's budget-cutting efforts and Portugal's aid program, underscoring their desire to prevent contagion.
The debt swap seeks to wipe more than 100 billion euros off Greece's books and contain an economic collapse in the country as European overseers work to hold Greek leaders to their commitments. The difficulties the government in Athens will confront in meeting creditors' demands have prompted speculation of still further assistance.
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