Tags: APFN | EU | Greece | Financial | Crisis

Greece: Rescue Plan Includes $13.3 Billion for Banks

Monday, 03 May 2010 07:06 AM

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.

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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...
APFN,EU,Greece,Financial,Crisis
111
2010-06-03
Monday, 03 May 2010 07:06 AM
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