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Sunday, April 11, 2010

Europe Offers Greece €30 Billion Loan

by Calculated Risk on 4/11/2010 11:24:00 AM

From the BBC: Greece is offered 30bn euros loan

Leaders of the 16 eurozone nations have agreed to fund up to 30bn euros in emergency loans for debt-hit Greece, if the country wants the cash.

The price of the loans will be fixed using IMF formulas, and be about 5%.

Luxembourg Prime Minister Jean-Claude Juncker, speaking for eurozone finance ministers, said there were no elements of subsidy in the loan proposal.

"The total amount put up by the eurozone member states for the first year will reach 30bn euros," he said.
Mr Juncker added that the financing would be "completed and co-financed" by the International Monetary Fund.