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Page last updated at 08:57 GMT, Tuesday, 27 November 2012

Konstantinos Michalos: Greece deal vote of confidence

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Eurozone finance ministers have reached a deal on reducing Greek debt, and have paved the way for Greece to receive long-awaited further instalments of bailout money.

At late-night talks in Brussels, ministers agreed with the International Monetary Fund to give the country 40 billion euros from December - under certain conditions.

Gerard Lyons, Chief Economist of Standard Chartered told the Today programme: "This is a good deal, but I think a good deal was long overdue for Greece.

"The most significant thing is that 20% of Greek debt has been written off. The lesson of all crises elsewhere is that unless you start to write down debt, you don't really start to make inroads."

Konstantinos Michalos is President of the Athens Chamber of Commerce and Industry and President of the Union of Greek Business.

He said: "I think the decision to disperse the next tranche of the loan to Greece has to be seen as a major vote of confidence to the country with positive repercussions on both practical and symbolic levels."

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