Greece's deputy finance minister says a massive rescue plan announced Sunday will include 10 billion euros ($13.3 billion) in support for Greek banks that could be affected by the country's expected three-year recession.
Philippos Sachinidis told state television Monday that the money would be reserved for a "stabilization fund" out of the total 110 billion euros ($133 billion) pledged in loans by the eurozone countries and the International Monetary Fund.
Greece on Sunday announced more austerity measures worth 30 billion euros ($40 billion) through 2012 to be achieved through public service and pension pay cuts, higher taxes and streamlining government. The measures would exacerbate a recession, expected to last through 2011.
© Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.