Without the bailout, Greece would have been forced into a messy default of a AU$18 billion bond repayment due on March 20, a move that could have sent shockwaves throughout the global financial system.
Without the bailout, Greece would have been forced into a messy default of a AU$18 billion bond repayment due on March 20, a move that could have sent shockwaves throughout the global financial system.

More billions for Greece

THE International Monetary Fund has approved 28 billion euro (AU$34.76 billion) in funding for crisis-hit Greece over the next four years, while Standard and Poor's said that the country's new bonds were still vulnerable to a default.

An IMF's executive board granted the immediate release of AU$2.04 billion of these funds as part of the country's second bailout, a statement said.

Greece will receive a total of AU$214.42 billion in rescue loans from its eurozone partners and the IMF to keep it afloat in the next few years, as dizzily high borrowing rates have blocked its ability to raise money on the international bond markets.

IMF spokesman Gerry Rice said "continued reform efforts to improve competitiveness and restore economic growth will be key to overcoming the crisis."

Without the bailout, Greece would have been forced into a messy default of a AU$18 billion bond repayment due on March 20, a move that could have sent shockwaves throughout the global financial system and further destabilized the group of 17 countries that use the euro as their currency.

Read more at the New Zealand Herald Online.



Labor's looking to take CQ tourism to the next level

premium_icon Labor's looking to take CQ tourism to the next level

Anthony Albanese hosted a round table discussion on the Cap Coast.

IT entrepreneur embraces the future of a 're-imagined' Rocky

premium_icon IT entrepreneur embraces the future of a 're-imagined' Rocky

Just 5 years ago Bevan Slattery worried Rocky was in a death spiral

Mining giant and council find solution for cracked CQ road

premium_icon Mining giant and council find solution for cracked CQ road

NEW plans underway almost 12 months since mine blast cracked road

Local Partners