Greek bailout: The pressure is on

Page last updated at 03:54 GMT, Monday, February 20, 2012 - 08:54 EST

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It's officially crunch time. European finance ministers need to agree to the terms of a second bailout to keep Greece from defaulting on an upcoming bond payment.

While it's been widely expected that the Eurogroup (the 17 eurozone finance ministers) will give their approval when they meet Monday, we've been here before.

Greek Finance Minister Evangelos Venizelos sounded optimistic heading into Monday's meeting, saying "Greece is coming in to today's crucial meeting of the Eurogroup having fulfilled all the conditions" required for the bailout and debt swap with private secotor investors.

As part of the deal, the Greek government is expected to be required to maintain an escrow account with enough cash to cover nine to twelve months worth of debt. If the account runs low, the government will be forced to reallocate funds.

Additionally Greece will have to take 24 additional steps before the end of February, mostly things the government has promised but hasn't done so far. Greece's government also announced further austerity cuts ahead of Monday's Eurogroup meeting.

Read the whole story: CNN Money