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
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.