Bailout deal for debt-strapped Greece put off again: Oil prices fall

13-Feb-12

Oil prices ended the previous week on a lower note in Asia on news that the bailout deal for debt-strapped Greece was once again delayed. This is because of lack of sufficient confidence in the euro zone that the austerity measures taken by Greece will hold up. Eurozone finance ministers have deferred a decision on a new bailout to save Greece from bankruptcy, giving Athens less than a week to meet three new conditions in return for aid. The demands include additional structural spending cuts of 325 mln euros for 2012, a written pledge from coalition leaders that they would implement austerity measures and an endorsement of the austerity measures by the Greek parliament.