Luckily for Greek government, Greece signed today a rescue package of €110 bn ($147 bn) from Eurozone partners and IMF.
- 16 Eurozone members contribute with €80 bn, IMF lends €30
- Eurozone loans carry an interest rate of 5%
- IMF loans carry an interest rate of 3%
- Several austerity measures and high government spending cuts, that are currently creating trouble at the country.
Not being a condition by itself, but a help, Greek next steps should be save €30 bn between 2010 and 2013. Also, Greek government promised to freeze public-sector wages, raise 'sin' taxes as tobacco and alcohol, increase value added taxes, new taxes on business, raise retirement ages to 67 years (now the retirement age is 65 years) and cut pension payments.
Because these last actions, protestors marched yesterday against government actions and against European-IMF rescue package.
- Impact on currencies
On the bright side, yen raised to ¥94,07.
Read more about Greek situation at our Greek debt crisis guide.
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