BRUSSELS - Greek Prime Minister Lucas Papademos pronounced himself "very happy" Tuesday with a massive 237-billion-euro (S$392 billion) bailout agreed by eurozone partners and private creditors.
"We're very happy," Papademos said after 14 hours of determined talks in Brussels that saw him shuttle between finance ministers and banks' negotiators, saying a debt write-down by private creditors expected to net 107 billion euros would "pave the way" for up to 130 billion euros in loans from public partners.
Papademos, a former European Central Bank No. 2 backed by European Union partners to lead an emergency coalition government in Athens, acknowledged that full delivery of the deal depends on Greece delivering on a string of conditions in "a timely and effective manner."
However, he maintained: "I'm convinced that the government after (an April general) election will also be committed to implement the programme fully... because it is in the interests of the Greek people."