Business

More billions for Greece

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.

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.

Topics:  bailout, contagion, eu, eurozone, greek debt crisis, sovereign debt crisis


Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

A practical stand against violence against women

TAKING A STAND: Taekwondo black belt and owner of Strike Martial Arts, Shane McKeahnie, is holding free self-defence classes for women later this month.

Black belt offering course in martial arts

Pacific Highway lanes reopen after 4WD, trailer crash

Crash involving a 4WD and a trailer causing disruption to traffic

Vanessa is ready for a new challenge

Ballina local, Vanessa Farrell, 25, was welcomed into the Australian Army today through an Appointment Ceremony at Brisbane Defence Force Recruiting Centre. She will now travel to the Royal Military College-Duntroon in Canberra to commence her training as a General Service Officer.

Vanessa Farrell was one of 79 recruits appointed to Duntroon

Latest deals and offers

Guide to the ‘perfect day’ on the Northern Rivers

GOT visitors in town and not sure where to take them for the “Northern Rivers experience”?

A practical stand against violence against women

TAKING A STAND: Taekwondo black belt and owner of Strike Martial Arts, Shane McKeahnie, is holding free self-defence classes for women later this month.

Black belt offering course in martial arts

Pacific Highway lanes reopen after 4WD, trailer crash

Crash involving a 4WD and a trailer causing disruption to traffic

Vanessa is ready for a new challenge

Ballina local, Vanessa Farrell, 25, was welcomed into the Australian Army today through an Appointment Ceremony at Brisbane Defence Force Recruiting Centre. She will now travel to the Royal Military College-Duntroon in Canberra to commence her training as a General Service Officer.

Vanessa Farrell was one of 79 recruits appointed to Duntroon

Poisoner robs preschoolers of friend

Wollongbar Community preschoolers look mournfully at the figtree in the preschool grounds which was poisoned during the school holidays.

Wollongbar kids return to school to find beloved figtree poisoned.

How an interview became a contact with my loved one

Spirit medium Charmaine Wilson brings messages of love and healing to those suffering the loss of a loved one on her Mystical Messages Tour.

During a chat to medium Charmaine Wilson

Pokémon Go makes Ingress into Clarence Valley

Pokemon Go player Dan Optland is pictured in the game w ith a "Pidgey" Pokemon he lured to a Pokestop at the Clarence Valley Conservatorium.

Pokemon Go Pokestops evolved from hard work of unsuspecting friends.

Bindi Irwin: ‘I’ve lived 10 lives in one lifetime’

Bindi meets her fans.

SHE'S just turns 18 but Bindi's life has been full of experiences

Rockhampton cook through to MasterChef semi-final

FAMILY:MasterChef semi-finalist Harry Foster pictured with his mum Ria McClelland.

Harry Foster through to MasterChef semi-finals.

Pop icon and former Neighbours star buys into Byron

Singer Natalie Imbruglia. Supplied by Sony Music Australia.

Former actor turned pop singer joins Byron celebrity rush.

MASTERCHEF: Coast cooks to dominate finals

SO CLOSE: MasterChef's final four, from left, Matt Sinclair, Elise Franciskovic, Harry Foster and Elena Duggan. Elise’s elimination means now only the three Sunshine Coast contestants remain in the competition.

MasterChef finals will be mandatory viewing in three Coast homes

The best and worst bits of Splendour from our experts

The Amphitheatre received Flume with open arms and danced to his music on Sunday night.

The good, the bad and the plain weird

Elise's emotional exit from MasterChef quarter finals

MasterChef Australia Top 4 contestant Elise Franciskovic.

CAIRNS cook struggles after receiving letter from fiance.

You can own this Queensland town for just $1

Yelarbon

Unprecedented auction of town's business centre with no reserve

Work starts on $15M Caloundra apartment building

Turning the first sod at the Aqua View Apartments site in Kings Beach are (from left) husband-and-wife developers Alex Yuan and Stella Sun with construction company Tomkins director Mike Tomkins and Councillor Tim Dwyer.

Developers excited about addition to Kings Beach skyline

Plans revealed for 1500-lot 'master-planned community'

Precinct will be bounded by Boundary St and Shoesmith Rd

Ecco Ripley sales run sparks prime release

MOVING IN: Sekisui House has announced the release of more residential blocks at Ecco Ripley.

Sekisui House is preparing to unveil more land at Ecco Ripley

Massive residential 9-storey high-rise hit by delays

An artist’s impression of the eight-storey-high apartment complex that Bernoth Holdings wants to build in South Toowoomba, next to the City Golf Club.

Developer struggles to get approved high-rise development started