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Greece formally asks for EU’s and IMF’s aid

Published: 23 April, 2010, 20:11
Edited: 05 May, 2010, 22:39

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TAGS: Crisis, Europe, Budget, Economy


Greece has formally asked the EU and the International Monetary Fund to activate the debt-rescue plan to help pull its economy out of crisis.

Athens now expects to receive the first tranche of more than the $50 billion aid package by May 19.

However, German Chancellor Angela Merkel says the question of how much aid Athens will receive will be solved only after the talks with IMF are finished.

The request comes after months of markets pushing the Greek borrowing costs higher…. undermining the country's efforts to cut its $400 billion debt.

The conditions under which the funds will be handed over have not yet been revealed. But recent attempts by Athens to impose austerity measures brought on mass strikes and civil protests

Read also – Greece 'Dreams' of Bankruptcy

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Bianca April 25, 2010, 06:21
0

With so much pushing and proding, Greece was practically begged to enter EU, and then accepted into Eurozone without reservations. They can all now blame speculators --- as indeed those vulchers that prey on the vulnerable and gullable are guilty --- but much more dirt is being swept under the rug. Greece was a prosperous country without EU. Military coup, and the subsequent tighter and tighter rope being squeezed around their unsuspecting necks, did the job. There was not a single country in Europe and indeed US, that did not know exactly that Greece was fattened for disaster. All that "leniency" was purposefull to undercut the previous elites, the Greek shipping wealth, and an independent banking system. After all, populace was led to believe that the old guard was fuddy-duddy, not in step with the swinging new times. And the EU demured, did not protest as Henry Kissinger then said how it was time to "knock some sense into them". Europe always acts like a damsel in distress, always waiting for big daddy to come and tell them what to do and how to do it. Well, it is the end of the line, isn't it? Listen to daddy one more time, and not only your little fattened Greece will go belly-up, but others have the same ailment. Portugal is next. The whole nonsense of blaming populace for just living --- and perhaps to appologize for being alive --- is absurd. Nobody had it good. Greece was going downhill since it entered EU, no matter what the numbers show. The people know it. They have been living worse, and worse. Now, they want to have "austerity", without even touching the bloating "defense" budget. What is NATO for? Get out of EU and NATO, and live better right of the bat. Default on debt, and no more borrowing just to pay interest. EU needs to start thinking, and not following Pied Piper to its distruction.

NativeNewYorker April 24, 2010, 17:36
0

bailing out the banksters and crooks will not help the people of a country. Greece will end up like the U.S., on the verge of insolvency. they have cut medical, social, school, and anything else they can cut. they have pulled funding for the arts, libraries are closing. the rising homeless numbers are staggering. we are fast becoming a police state. "disappointed and angry" you say? how about disgusted and mad as hell! WE THE PEOPLE are awakening in mass numbers to find our country has been stolen by the very people we have trusted. I fear the greatest revolution is just around the corner........

Akropolis April 23, 2010, 21:35
0

I am very disappointed and angry at the Greek politicians and bankers, yes they are others to blame the speculators from abroad but the number one guilt goes to the Greek politicians,...the austerity measures that this new government took will not brink Greece out of it and it went for the loans, the question is at what rate?... the loans to Greece has become an internal German political struggle, elections are up on that country...