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European leaders agree bailout plan for debt-ridden Greece

2010-03-26 13:35 BJT


After weeks of wrangling, European leaders have agreed a joint European and IMF financial safety net for debt-stricken Greece.

They are hoping the move will restore confidence in the European economy and its currency.

A bailout plan has been agreed, but with strict conditions.

Under the accord, Greece will only receive coordinated bilateral loans from its European partners and the I.M.F, when the country is unable to raise funds from its own financial market. The deal requires the unanimous agreement of the 16 Euro-zone countries to release the funds.

The President of the European Council, Herman Van Rompuy, says the program is not the answer to everything.

After weeks of wrangling, European leaders have agreed a joint European and IMF financial safety net for debt-stricken Greece.
After weeks of wrangling, European leaders have agreed a joint European
and IMF financial safety net for debt-stricken Greece.