Saturday, June 25, 2011

EU leaders pass Greece rescue package



European Council President Herman Van Rompuy (R) and European Commission President Jose Manuel Barroso participate in a media conference at an EU summit in Brussels on June 23, 2011.

Source: Press TV
http://www.presstv.ir/detail/186035.html

As consensus has been reached among EU members, the IMF and the Greek government on budget cuts and tax increases, Eurozone leaders agree on a fresh rescue package for Greece to fend off a financial crisis.

The leaders of all 27 EU member states also called on Greek lawmakers to "complete work on outstanding elements to allow the necessary decisions to be taken by early July," AFP reported on Friday.

Meanwhile, following a two-day summit in Brussels, Athens formally requested financial aid.

"We've got the support of our partners and I think this is not only a green light but also a positive sign for the future of Greece," Greek Prime Minister George Papandreou said.

Despite weeks of protests against the government's austerity measures, the Greek cabinet approved a new austerity budget plan on Wednesday to help ease its massive public debt.

The 2012-2015 austerity budget plan has been a key requirement of the EU and International Monetary Fund (IMF) to release the next tranche of debt funding worth 12 billion euros ($17 billion), part of a 110-billion-euro rescue package agreed on last year.

The new plan is worth some EUR 28 billion and includes a privatization program aimed at raising EUR 50 billion and further budget cuts as well as tax hikes.

Greece has a debt of over EUR 300 billion, which is equivalent to more than 150 percent of its annual economic output.

No comments:

Post a Comment

I'll be right with you.

Russia Today (Live)

World News 2017

Current Affairs - Important Interviews – 2017

Debate – Global Issues 2017

Important Information 2016 - 2017

South Front Military Review 2017

Syria - News 2017

Yemen News 2017

Turkey News 2017

Ukraine News 2016 - 2017

Palestine & Israeli Crime 2017

Iraq News 2017

Important Documentaries

Viewpoint, Discussion & Opinion - 2017

Abby Martin – Empire Files

US News 2017

Iran News 2016 - 2017

Global Economic News 2017

Egypt News 2016 - 2017

Libya News 2016 - 2017

Bahrain News 2016 - 2017

Sheik Imran Hosein - Islamic Eschatology

George Galloway – Comment & Opinion

The Words and Actions of Ken O'Keefe

English FA Cup 2016 – 2017

New Age Weather

Space News

Music for the Revolutionary Mind

Global Revolution LIVE!

Watch live streaming video from globalrevolution at livestream.com

Japan’s 3 Nuclear Meltdowns STILL ongoing (News Censored)