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Eu To Give Greece First Tranche Of Bail-Out Loan

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Greece is due to receive the first tranche of a 110bn-euro ($136bn; £94bn) loan to help it overcome its debt crisis, the European Union has said.

EU Economic and Monetary Affairs Commissioner Olli Rehn said 20bn euros from the EU and the International Monetary Fund would be transferred.

The bail-out package for Athens was agreed earlier this month.

On Monday, Eurozone finance ministers said the euro was a credible currency, despite its slide against the dollar.

The European single currency fell to its lowest level against the dollar since 2006, amid concerns that debt problems will undermine Europe's recovery.

In a separate development on Monday, a tax scandal led to the dismissal of Greek Deputy Tourism Minister Angela Gerekou.

She was forced to go after a newspaper revealed that her husband, a popular singer, owed more than 5m euros in unpaid taxes and fines.

Ms Gerekou, a political protegee of Prime Minister George Papandreou, had filed joint tax declarations with her husband for years.

Praise for Athens

"The first tranche of the financial assistance for Greece is being transferred today... and the IMF will do its part in parallel," Mr Rehn said at the talks of Eurozone finance ministers in Brussels.

"This is altogether 20bn euros ($24.7bn), out of which 14.5bn are from euro area member states and 5.5bn euros are from the IMF," the commissioner added.

In return for the loan, the government in Athens is trying to make major austerity cuts - a move which has outraged the public and led to violent clashes in the capital.

Just in time to stop the bond auction tomorrow from failing?

So the highly indebted get a bailout of more debt.

All is well now in the Eurozone...

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I hear Carol Vorderman is the organiser.

you have a debt problem? call us, (pop bubble) and we'll consolidate your debt into one, even larger, and more profitable, loan.

debt is bad. loans are good.

call us today.


so, still no bailout. just a loan.

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  • 443 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
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      • up 5%

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