Greece Officially Request Financial Aid

Greece has requested that the financial bail-out plan currently being discussed by the Eurozone and IMF be put into place. The request comes just one day after it was revealed that Greece’s deficit was considerably worse than originally reported.

The rescue plan agreed in Brussels recently would provide Greece with loans from other eurozone countries to the tune of euro30 billion ($40 billion) at interest rates of about 5 percent, and about euro10 billion from the IMF, in 2010. It aims to cover Greece’s immediate borrowing needs so it can continue servicing its debt and avoid default.

Source: Associated Press

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