Euro zone will help Greece to Rescue Athens

Seventeen Heads of State and Governments of the Euro Zone (countries with the Euro as official currency), managed on Thursday a deal to alleviate the conditions of the loan that the block and the International Monetary Fund (IMF) gave to Greece, passing extra € 109,000 million for a second bailout of Athens, and other € 50,000 million from private banks.

According to EU sources, of those 50,000 million, about 37,000 will be voluntary. This new credit agreement provides the EU and the IMF, involving “free” private sector, which must accept a deferral of Greek bonds.

Greece may extend the deadline for payment of the debt and will lower interest on loans granted and the repayment terms of 7.5 to spend 15 years at least.

Nicolas Sarkozy, French president said: “What we do for Greece, we will not do it for any other country in the eurozone,” in reference to Ireland and Portugal. (BG)

Source: El Comercio Newspaper