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Euro zone ponders delay of 2nd Greek program

Reuters Canada – Feb 15, 2012

By Luke Baker and Jan Strupczewski BRUSSELS (Reuters) –

Euro zone finance officials are examining ways of delaying parts or even all of the second bailout program for Greece while still avoiding a disorderly default, several EU sources said on Wednesday.

Delays could possibly last until after the country holds elections expected in April, they said

While most of the elements of the package, which will total 130 billion euros, are in place, euro zone finance ministers are not satisfied that Greece’s political leaders are sufficiently committed to the deal, which requires Athens to make further spending cuts and introduce deeply unpopular labor reforms.