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Feb 19, 2012

$170 Billion Bailout Deal for Greece Expected Next Week -NBF

After months of negotiations, European leaders are voicing new optimism that a $170-billion bailout for Greece will be approved Monday.

The government says it needs the bailout to avoid defaulting next month on $19 billion in financial obligations. As part of its rescue, Greece is also completing negotiations with large financial institutions to cut in half the debt it owes them, a $132-billion reduction.

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