Friday, Apr 23, 2010
Brother, Can You Spare A Dime?
BBC: Greece to activate EU-IMF loans
Greek Prime Minister George Papandreou has asked for activation of an EU-IMF debt rescue mechanism, to help pull the economy out of its current crisis. It follows negotiations with eurozone nations and International Monetary Fund over the details of an emergency rescue package. It comes a day after data showed a worse-than-expected budget deficit of 13.6% of gross domestic product. Credit rating agency Moody's also cut its rating on Greek debt on Thursday.
Posted by jack c @ 01:15 PM (638 views) Add Comment
5 Comments
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1. titaniccaptain said...
So that's it?
I was expecting much more dram than that.
How disappointing........
2. titaniccaptain said...
So that's it?
I was expecting much more drama than that.
How disappointing........
(Left the A out of Drama.......seems quite an apt spelling mistake)
3. fallingbuzzard said...
The first money comes from the IMF. The remainder would come from Eurozone countries, if and when they agree to it. The drama comes when Greece asks for more cheap money part because of its inability to collect taxes and cut spending, but mainly because what's the point in borrowing from the market when you can get it cheaper from the bailout fund.
4. mark wadsworth said...
Don't worry TC, there'll be plenty more drachma to come...
5. titaniccaptain said...
What's going on here? The Two Marks tell bad jokes in one day.
Is there some sort of genetic imprint that occurs when your named 'Mark' which forces you to all synchronise your bad jokes?