Eurozone late Half of Greece

Eurozone late Half of Greece: The members of the eurozone delay the approval of more than half of the € 130 billion rescue of Greece, after Athens need to show more evidence that it will implement spending cuts and reforms agreed in haste.

Finance Ministers meeting of 17 countries whose currencies are signed in Brussels on the block funds to support debt restructuring € 206bn Greek private. But they called a "detailed assessment" European Union and the International Monetary Fund officials next week to implement 38 specific steps before passing the remaining € 71.5bn in Athens.

Indeed, as a pledge of splitting into two parts: the euro area is hard to put northern Europe the means of salvation, even more. Once the link exchange is completed, the risk of default on the bonds of Greece of € 14500000000 March 20 will disappear.

Some officials were optimistic that the rescue would be complete until next week. Officials are due to meet on March 9, to give final approval, the day after the conversion of debt to be finalized.

"The Greek government and the parliament has everything you need," said a senior euro zone, adding that the results were presented to the Greek ministers 'health warning' that they would like to clarify. "This is not political, it is rather technical."

. "We saw today that Greece has made great efforts and made great progress," said Wolfgang Schäuble, Germany's finance minister eurozone Senior added: "They appreciated even in the so-called hard-liners."

Among the issues to be resolved, officials say, there was a difference of € 300 million which emerged after the Greek government has changed the unemployment benefits were paid, Greek officials have decided to return to the statement of origin, but said they want to make sure it is implemented. In addition, an analysis of how the Government to strengthen the exchanges of the bank has not yet been completed.

Includes € 35.5bn, to give the owners of corporate bonds through the exchange of complex debt 206bn euros, which will see their stocks cut by more than half. Another € 23 billion approved to recapitalize the Greek banks, which will reduce their reserves when they hold Greek bonds reduced in a swap. Single € 35 billion in support of Greek banks have access to the liquidity of the European Central Bank also approved.

In an important decision, a group of leading financial industry, said the agreement the debt will not cause the so-called "credit default swaps" - such as insurance policies, which must be paid in case of a fault.

The decision of the International Swaps and Derivatives Association is preceded by an exchange is completed, however, the group warned that the agreement, which may include the loss of Greece to get hold of the investors, may be revised.

The ECB and France were concerned that the CDS payments can increase the financial crisis, because financial markets do not know which agencies will be affected by losses.