The Eurozone group has backed Greece’s second bailout of €130bn ($171bn; £109bn) pending a contribution from the International Monetary Fund (IMF). Finance ministers from the 17-strong currency bloc had been meeting in Brussels to approve the package. 

The Eurozone group has backed Greece’s second bailout of €130bn ($171bn; £109bn) pending a contribution from the International Monetary Fund (IMF). Finance ministers from the 17-strong currency bloc had been meeting in Brussels to approve the package. 

Luxembourg Prime Minister Jean-Claude Juncker, who heads the group of 17 finance ministers, said in Brussels yesterday that he welcomes the International Monetary Funds (IMF’s) proposal to recommend a €28bn “contribution” to the Greek facility and that he looks forward to the discussion and the decision by the International Monetary Fund (IMF) board on March 15.”

Along with the “expected” Greek bailout there was some more negative news from the Eurozone. Italy is officially back in recession after experiencing 2 consecutive quarters of decline in GDP in 2011. Spain and Germany also contracted in the final quarter of 2011. 

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