New York Times
July 3, 2011
Staving off the threat of an imminent Greek default, European finance ministers agreed over the weekend to finance the country through the summer but deferred crucial decisions on a second bailout.
After a two-hour conference call late Saturday, finance ministers from the 17 euro zone countries said they would sign off an €8.7 billion, or $12.6 billion, loan to Athens, part of a €110 billion package agreed upon last year. The board of the International Monetary Fund was expected to approve its portion of this installment — €3.3 billion — in the coming days.
Without the loans, the Greek government faced the prospect of insolvency within weeks. But with Greece still struggling to shore up its finances, the finance ministers also need to put together a second package of loans to help the country through 2014. That bailout is expected to amount to €80 billion to €90 billion but, due to conflicts over the extent of private sector involvement in the effort, agreement on the package may not come until September.
More
No comments:
Post a Comment