Friday, April 23, 2010

News: Greece Crisis. Greece ask for €45 bn in help from EU and IMF

Due an intensified sell-off in Greek bonds (The rapid selling of securities as stocks or bonds that declines the value of said security. I spoke about Greek bonds few days ago) that increased Greek's debt to 8.83 per cent, the highest rate since Greece joined Eurozone in 2001, Greece requested aid from the eurozone.

Loan terms are being negotiated right now with the European Commission, the European Central Bank and the International Monetary Fund, aiming to a €45 bn ($59 bn) supporting package to help Greece, €30 bn from European partners and 15 from IMF.

International analysts advised Greece to consider a voluntary restructuring of his own debt to meet repayments of the next 3 years, but George Papaconstantinou, Greek finance minister, denied that the country is working on a debt restructuring plan.

Mr. Papandreou warned of the real dangerous situation and the need of the help for the Greek economy.

Now, a few statistics from The Economist to understand the situation:

Read also:
Wall Street Journal - Greece Requests Emergency Financial Aid

Now my question goes to the readers: Do you expect Greece to repay his debt in the term agreed? If not, what will happen to Greece?

I'm not confident enough with Greece's economy. What do you expect?

Related articles:

Special: Greek crisis


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