Euro zone approves EUR 8bn loans to Greece

Euro zone finance ministers have thrown Greece a lifeline by agreeing to approve EUR 8bn in loans that Athens needs next month to pay its bills.

Izvor: EuroNews

Saturday, 22.10.2011.

13:30

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Euro zone finance ministers have thrown Greece a lifeline by agreeing to approve EUR 8bn in loans that Athens needs next month to pay its bills. The International Monetary Fund (IMF) still needs to sign off on its share of the bailout but sources suggest IMF Head Christine Lagarde is in agreement. Euro zone approves EUR 8bn loans to Greece Ministers met in Brussels ahead of EU leaders’ talks as a downbeat EU and IMF report was released. It suggested private holders of Greek debt may need to accept losses of up to 60 percent on their investments if the country’s debt mountain is to be made more sustainable in the long-term. Friday was the beginning of a long marathon which will continue until Wednesday with, perhaps, at the finish, protection for the weak links of the euro zone. But, judging by the bitterness of the negotiations, that is still far from certain, Euronews has reported.

Euro zone approves EUR 8bn loans to Greece

Ministers met in Brussels ahead of EU leaders’ talks as a downbeat EU and IMF report was released. It suggested private holders of Greek debt may need to accept losses of up to 60 percent on their investments if the country’s debt mountain is to be made more sustainable in the long-term.

Friday was the beginning of a long marathon which will continue until Wednesday with, perhaps, at the finish, protection for the weak links of the euro zone. But, judging by the bitterness of the negotiations, that is still far from certain, Euronews has reported.

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