Greece calls in loans from euro zone and IMF

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
23/04/2010 20:53

Greece has asked for emergency loans from the International Monetary Fund (IMF) and countries in the euro zone.

All countries using the euro single currency are to provide two-thirds of all loans requested by Greece and the IMF would supply the remainder.

Around 30 billion euros will be loaned to Greece in the first year. The amounts for 2011 and 2012 are yet to be decided.

Greece has requested the money as it believes that it is unable to finance itself on the market.

European Central Bank and the European Commission are assessing this at the moment. A unanimous decision of euro zone countries is the final go-ahead.

The country expects to receive the funds before May 19, when it has to refinance 8.5 billion euros worth of debt.

AlsancakJack



Joined: 14/08/2008
Posts: 5762

Message Posted:
23/04/2010 21:15

Bill

The tip of the iceberg.

AJ

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
23/04/2010 21:15

I think so Dave.