Greece bailout

There will be new conditions attached to a hundred thirty billion euro bailout for Greece.

According to the BBC website, the chairman of a meeting of Eurozone finance ministers, Jean-Claude Juncker, said the Greek parliament will have to pass a package of cuts and reforms as early as Sunday.

The Greek politicians are also required to find 325 million euros extra in savings for 2012.

Junker, the prime minister of Luxembourg, also requires that the political leaders ensure that the reforms be maintained after the April elections.

The Greek unions are not satisfied with the measures, and had called a forty-eight hour strike to protest against them, starting Friday.

EU economic affairs commissioner Olli Rehn said the Eurozone countries were considering to block a portion of the state revenues to guarantee the payments of bailout loans, by creating a separate account for the country.

But Europeans ministers still feel that these plans might not be enough to create a sustainable economy for Greece.

It is the second bailout of this kind on Greece.

Lenders are insisting on more austerity measures in return for the loan.

Part of the plan agreed to by the Greek government includes major job cuts and a twenty-two per cent decrease in the minimum wage. 

The EU, IMF, and European Central Bank, on the other hand, want to reform the pension system.

No deal has yet been finalized, and unions strongly protest the plans.

US President Barack Obama said he was willing to help stabilize the Eurozone.