Wednesday, March 21, 2012

Greek parliament endorses multi billion bailout scheme

Greek parliament (file photo)

Source: Press TV

The Greek parliament has officially approved a second multi-billion dollar bailout scheme worth up to 130 billion euros (USD 170 billion) in a bid to spare the country a debt default over its financial crisis.

The bailout package, endorsed early Wednesday, is provided jointly by the International Monetary Fund (IMF) and the eurozone.

The proposed text gained the approval of 213 socialist and conservative parliament members, while only 79 members from the communist left and far-right opposed it.

According to a finance ministry official, the endorsement came after Greece received a first payout of 7.5 billion euros on Tuesday under its second international bailout.

The payment of EU and IMF loans, on which the Greek economy depends to stay on its feet, will be continued, provided that Athens meets agreed targets to cut the country’s spending and restructure its economy.

This is the second such bailout in two years. The EU and IMF had agreed on a first bailout package worth 110 billion euros in 2010.

Greek Prime Minister Lucas Papademos’s interim government came into existence late last year after Socialist Prime Minister George Papandreou resigned in the midst of the country’s financial crisis.

The government’s main task is to ensure that the country avoids a default before organizing election polls by mid-May for the country’s elections, the date of which is anticipated to be announced next week.

No comments:

Post a Comment

Thanks for commenting on this post. Please consider sharing it on Facebook or Twitter for a wider discussion.

Russia Today (Live)

World News 2017

South Front Military Review 2017

Syria - News 2017

US News 2017

The Russian Perspective

Debate – Global Issues 2017

Current Affairs - Important Interviews – 2017

Important Information 2016 - 2017

Yemen News 2017

Turkey News 2017

Ukraine News 2016 - 2017

Palestine & Israeli Crime 2017

Iraq News 2017

Iran News 2016 - 2017

Important Documentaries

Viewpoint, Discussion & Opinion - 2017

Abby Martin – Empire Files

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

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

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