Greece_Calls_for_Activation_of_Financial_Rescue_Package

Greece_Calls_for_Activation_of_Financial_Rescue_Package -...

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Greece Calls for Activation of Financial Rescue Package By MATTHEW SALTMARSH Published: April 23, 2010 The Greek government formally requested an international funding package Friday aimed at pulling the euro-zone member out of a debt crisis. Prime Minister George Papandreou announced on Greek television the activation of up to €45 billion, or $60 billion, in loans expected from the European Union and International Monetary Fund, Reuters reported. The European Commission, the European Central Bank and the IMF have been holding talks in Athens to finalize the terms of the aid package. The talks are expected to be completed next week. But even with those talks seeming to move ahead investors have been worrying about the country’s financing needs in coming months and years. The announcement means that funding from the I.M.F. can be expedited once the board of the Washington-based fund has approved the terms. The fund is expected to provide €12 billion, according to EU officials. Up to €30 billion in loans pledged by Greece’s euro-zone partners are still awaiting approval by
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This note was uploaded on 05/07/2011 for the course BUS 1302 taught by Professor Falcon during the Spring '11 term at University of Texas at Dallas, Richardson.

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Greece_Calls_for_Activation_of_Financial_Rescue_Package -...

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