Email
Password
Remember meForgot password?
    Log in with Twitter

article imageGreece makes call for financial bail out

By Jane Fazackarley     Apr 23, 2010 in World
The Greek economy has been struggling in recent times and tonight it made a call for a bail out. It has turned to the European Union and the IMF for emergency loans to rescue the country from its financial crisis.
Earlier this year Greece had been offered financial support but this hasn't been enough to stop the economical crisis and it has now had to ask for a 30 billion euro bail out.
The money will come from a number of European countries with Germany looking set to be one of the biggest contributors. None of the money will come from UK tax payers.
This evening also saw residents taking to the streets in protest at further cutbacks. 2500 took part in the action in Athens which saw police use tear gas in an effort to control the crowds.
The International Monetary Fund will give an additional 10 billion euros to help stabilize the economy.
George Papandreou, the Greek Prime Minister has stated that the actions already taken had not been enough to reverse the fortunes of the financial markets nor had it impacted significantly on the heavy debt Greece has found itself in. There are now concerns that other countries in the European Union could find themselves struggling.
Ministers representing the EU will now have to decide upon an interest rate for the loans made to Greece and the bail out is now waiting for ministers to agree to the financial aid.
Dominique Strauss-Kahn, Managing Director for the IMF said in a statement on their website:
“We have received Greece’s request for a Stand-By Arrangement. We have been working closely with the Greek authorities for some weeks on technical assistance, and have had a mission on the ground in Athens for a few days working with the authorities and the European Union. We are prepared to move expeditiously on this request.”
More about Greece, Financial, Bail out
More news from