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GreekReporter.comGreek NewsEconomyEurozone Ministers OK Euro 8 Billion Greek Loan‎

Eurozone Ministers OK Euro 8 Billion Greek Loan‎

The finance ministers averted an imminent disaster in Greece, approving the next installment of the country’s bailout loan — euro8 billion. Without that money, Greece would have run out of cash before Christmas, leaving it unable to pay its employees or provide services. Two officials in Brussels reported the development, speaking on condition of anonymity while the meeting was still going on.
The installment is part of a euro110 billion bailout package from eurozone nations and the International Monetary Fund that has kept Greece afloat since May 2010. The new cash came after the EU demanded, and received, letters from top Greek political leaders pledging their support for tough new austerity measures.
Aside from the money for Greece, some ministers acknowledged Tuesday they probably wouldn’t reach their more important goal of increasing the leverage power of the European Financial Stability Facility.
The fund, which is supposed to be a firewall against financial contagion swallowing up nation after nation, needs to be expanded from euro440 billion to something like euro1 trillion.
Analysts were doubtful that new cash for Greece and mere talk about the stability fund would bring the financial relief that Europe craves.
(source: AP)

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