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Eurozone approves Greece bailout

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Monday, May 3, 2010

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The European Union and International Monetary Fund (IMF) have agreed to provide the ailing Greek economy with 110 billion euros (US$146 billion) worth of loans over three years. Finance ministers from the sixteen countries that use the euro – known as the eurozone – approved the plan yesterday.

According to the plan, the EU is to provide 80 billion euros of the loans, and the IMF the other 30 billion; it is aimed at preventing Greece from defaulting on debt.

Before being fully implemented, however, the proposal must be individually approved by all fifteen other countries in the eurozone. According to Luxembourgish prime minister Jean-Claude Junker, up to 30 billion euros would be given to Greece in the first year.

German chancellor Angela Merkel commented on the proposal yesterday, saying: "The programmme is without alternative to safeguard the stability of the euro."

The Greek government yesterday predicted that the country's gross domestic product would drop by four percent this year; it also forecast the national debt, currently at 115% of GDP, will increase to 149% in 2013, before going down.


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  This page is archived, and is no longer publicly editable.
Articles presented on Wikinews reflect the specific time at which they were written and published, and do not attempt to encompass events or knowledge which occur or become known after their publication.

Got a correction? Add the template {{editprotected}} to the talk page along with your corrections, and it will be brought to the attention of the administrators.

Please note that due to our archival policy, we will not alter or update the content of articles that are archived, but will only accept requests to make grammatical and formatting corrections.

Note that some listed sources or external links may no longer be available online due to age.

The text of this article is licensed under the terms of the Creative Commons Attribution 2.5 License
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