Eurozone finance ministers approved the €130bn bailout package for Greece. Though the second package would help Greece avoid immediate bankruptcy, only a miniscule sum will be channelled towards strengthening its economy—the bulk will be used to stabilise the country’s banking system and finance the bond swap deal with private creditors. The ministers also formulated measures to cut Greece’s debt to about 121% of its GDP by 2020, as against the initial aim to lower it to 120%. Meanwhile, a confidential report by the IMF, European Central Bank and European Commission revealed that if Athens delays implementing reforms to increase competitiveness, debt could surge to 160% of GDP by 2020. Separately, private lenders could take a deeper write-down on Greek bonds, up to 53.5% (compared to 50% agreed earlier), and the ECB will forego profits on its holding of Greek bonds in favour of national central banks; this would provide indirect debt relief to Greece.