More billions for Greece

Without the bailout, Greece would have been forced into a messy default of a AU$18 billion bond repayment due on March 20, a move that could have sent shockwaves throughout the global financial system.
Without the bailout, Greece would have been forced into a messy default of a AU$18 billion bond repayment due on March 20, a move that could have sent shockwaves throughout the global financial system.

THE International Monetary Fund has approved 28 billion euro (AU$34.76 billion) in funding for crisis-hit Greece over the next four years, while Standard and Poor's said that the country's new bonds were still vulnerable to a default.

An IMF's executive board granted the immediate release of AU$2.04 billion of these funds as part of the country's second bailout, a statement said.

Greece will receive a total of AU$214.42 billion in rescue loans from its eurozone partners and the IMF to keep it afloat in the next few years, as dizzily high borrowing rates have blocked its ability to raise money on the international bond markets.

IMF spokesman Gerry Rice said "continued reform efforts to improve competitiveness and restore economic growth will be key to overcoming the crisis."

Without the bailout, Greece would have been forced into a messy default of a AU$18 billion bond repayment due on March 20, a move that could have sent shockwaves throughout the global financial system and further destabilized the group of 17 countries that use the euro as their currency.

Read more at the New Zealand Herald Online.

Topics:  bailout, contagion, eu, eurozone, greek debt crisis, sovereign debt crisis



Local Real Estate

finda logo
Featured Real Estate
Stunning Ocean View... Interest over...
House 4 3 4
MUST BE SOLD !! All Offers...
House 4 2 2
Luxury Apartment with... Offers Over $1.4...
Apartment 3 2 2
Large and modern within... Forthcoming...
House 5 3 2

Featured Jobs

finda logo

Gatton jobs listed daily





Local Partners

Local Profile

Stay Connected

You can change the newsletters you are subscribed to when you edit your profile

Edit Profile


Horoscopes

Libra

You could be invited somewhere that you find very uncomfortable. You'll remain polite, but you will not enjoy the experience. Demands at...

read more

Marketplace

Special Offers & Promotions

Compare & Save