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Monday, May 3, 2010

Greece Secures a Bailout

Greece finalized its bailout from the Eurozone.

Euro-region ministers agreed to a 110 billion-euro ($146 billion) rescue package for Greece to prevent a default and stop the worst crisis in the currency’s 11-year history from spreading through the rest of the bloc.

The first payment will be made before Greece’s next bond redemption on May 19, said Jean-Claude Juncker after chairing a meeting of euro-region finance ministers in Brussels yesterday. The 16-nation bloc will pay 80 billion euros at a rate of around 5 percent and the International Monetary Fund contributes the rest. Greece agreed to budget measures worth 13 percent of gross domestic product.

They say the crisis is over in the Euro's currency but that's only until the next time Greece or another nation winds up in this situation again. That's when not if.


AG said...

Doesn't it seem odd that countries like Italy, Spain, Portugal, and Greece would join a monetary union run by hard money inflation hawks for hard money inflation hawks?

mike volpe said...

not sure what that means.

AG said...

Just for those dollar-bears who thought this would be the end of that, today Spain has asked for a 280b Euro bailout!

Dollar skyrocketing across the board today.