Friday, April 23, 2010

Brother, Can You Spare A Dime?

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 (1152 views)
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2 thoughts on “Brother, Can You Spare A Dime?

  • fallingbuzzard says:

    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.

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  • mark wadsworth says:

    Don’t worry TC, there’ll be plenty more drachma to come…

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