Round 2 of Greek Bailouts for the European Union
The European Economic Crisis Seminar Series The Case of Greece
It loooks like the EU has decided officialy as of July 21st, 2011 that they are going to bail out the country of Greece again. All in All between private funding and the IMF, Greece will receive somewhere between €100 Billion to €150 Billion. (Photo Credit: CSIS: Center for Strategic & International Studies)
According to CNN.com:
- European Union president Herman Van Rompuy said the rescue deal would be financed by both the EU and the International Monetary Fund
- Greece has been forced to impose harsh austerity measures, provoking violent scenes of protest, in an attempt to cut its debts. Taxes have been raised and public sector jobs cut. It is also selling off numerous assets.
They are even giving them a “long-period” of time to pay back the bailout money in order to further the stability of the struggling nation. Interest rates on their “Bailout cash” could be as low as 3.5% which is almost non-existent, allowing them to hopefully pay the loans back quicker than expected and start becoming a productive and profitable member of the European Union.
Continue Reading: European leaders reach deal to resolve Greek debt crisis – CNN.com.
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