Greece On the Course For a Bailout0
Just recently has Greece signed a deal for a €130 billion bailout program.
Just today Greece signed deal with the European Union and International Monetary Fund, for a €130 billion bailout program.
More than 85% of the bond holders agreed to the deal. The last hurdle before the €130 billion bailout program was to reconstruct Greece’s government bonds. This move is vital to Greece’s current financial situation.
The one downside to this new plan is that Greek bond holders could have losses of up to 75%, say some experts on the subject. Now that the deal is accepted, European finance officials can begin the bailout plan as soon has Friday.
The one downside to this new plan is that Greek bond holders could have losses of up to 75%, say some experts on the subject. Now that the deal is accepted, European finance officials can begin the bailout plan as soon has Friday.
Here is what Deputy Prime Minister Evangelos Venizelos had to say on the subject, regarding the new bailout plan:
“I wish to express my appreciation to all of our creditors who have supported our ambitious program of reform and adjustment, and who have shared the sacrifices of the Greek people in this historic endeavor.”
Overall some fantastic news. Hopefully Greece will be back on its feet as soon as possible.
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