23 Jul '11, 1am

EU Bails Out Greece for $157 Billion: A Marshall Plan with Haircuts | Care2 Causes

EU Bails Out Greece for $157 Billion: A Marshall Plan with Haircuts | Care2 Causes

On Thursday, after months of debates, riots in Athens’ central Syntagma Square and the near-implosion of the Greek government , European leaders meeting in Brussels approved a second bailout of Greece that will give the euro zone’s most troubled economy more time to repay its debts and reduces its debt burden. The bailout package provides Greece with a total of 109 billion euros ($157 billion) and also contains debt relief for Ireland and Portugal, the latter two countries having also received bailouts from the European Unions’s Central Bank and the International Monetary Fund. The deal is, as the New York Times says, a “last-ditch effort to preserve the euro and stem a broader financial panic” in the form of contagion leading to bondholders who might have otherwise tried to unload their Irish, Portuguese and even Spanish and Italian bonds. To get the deal in place, Europe...

Full article: http://www.care2.com/causes/eu-bails-out-greece-for-157-b...

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Greece will default | James Meadway

Greece will default | James Meadway

neweconomics.org 26 Jul '11, 8am

With the future of the euro hanging in balance, it may be that they finally woke up to the high stakes. A small concession...