Greece to receive first bailout package
Greece will receive its first bailout package worth 14,5 billion euros from the appropriation of European Union and the IMF – Athenian finance ministry sources declared yesterday.
The rescue package of 14,5 billion euros – secured by the EU member states – will be transfered to Athen today – sources of German DPA news agency stated. Greece, which country is facing with a big debt crisis has requested the EU last week to open the appropriation funds valued at 110 billion euros.
Greek finance ministry requested 5,5 billion euros from IMF and 14,5 billion euros from the EU’s funds. IMF has already transfered the money to the Greek National Bank on the following day.
On the 19th of May government securities valued at 9 billion euros will expire and Greece can’t obtain funds from the markets, that’s one of the reason why the Greeks urge EU member states to open the common funds.
With the help of the loan Greece can finance its huge debt, but in return the country has to take radical austerity measures and cut down costs in the next couple of years.
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