Euro Zone Ministers To Meet For Final OK Of Greece Bailout

Finance ministers from euro zone nations are meeting in Brussels on Monday to discuss final approval of a second bailout package for Greece.

In February, finance ministers from the 17 states that use the euro currency gave preliminary approval for the €130 billion ($171 billion) rescue package. However, many experts have predicted that won't be enough to pull the troubled Mediterranean country out of its debt crisis and avert insolvency.

The Greek parliament enacted austerity and debt-relief measures that the country's so-called troika of lenders -- the European Union, the European Central Bank and the International Monetary Fund -- had demanded as a condition for more loans.

Doubts persist as to whether deep spending cuts will enable Greece to ease its staggering debt load. Some economists consider austerity measures a recipe for slow growth and high unemployment, which in turn adds to the burden on private holders of the country's debt.

Greece announced last week that it had received sufficient support for its bond swap, with nearly 86 percent of private creditors subject to Greek law agreeing to the deal. As a result, these holders tendered €152 billion of bonds.

This write-down of debt was crucial for Greece to overcome the crisis and prevent it from defaulting. The country also agreed to continue implementing austerity measures.

Euro zone ministers, however, may now be forced to turn attention to the region's other debt-plagued nations, including Spain and Italy.