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.

Sex attacker slapped with strict supervision upon release

Violent sex offender's life after jail no walk in the park

Nationals will not stop Essential Energy job cuts

Essential Energy workers are facing forced redundancies within weeks, according to unions.

Nationals leader rules out blocking Essential Energy's 600 job cuts

Military-style shark first aid kits on stand-by for surfers

Specialised shark kits will be on stand-by when the Byron Bay Boardriders paddle out tomorrow.

"As club president I have a responsibility to protect members”

Local Partners

Jennifer Lawrence gives keys to new partner

Oscar winner Jennifer Lawrence

Oscar winner settling down with new partner

Rogue One star proud to lead new Star Wars film

Felicity Jones leads the new Star Wars film

Star Wars lead proud to be in front in sci-fi

What's on the small screen this week

Ernie Dingo stars in the TV series Going Places with Ernie Dingo.

ERNIE Dingo stars in a new travel series and Seven airs the AACTAs.

Mandy Moore feels like she's 60

Mandy Moore sees herself as a 60-year-old rather than a 32-year-old

Goooodbye Hamish and Andy (from our radios)

Hamish and Andy

The pair have been on air since 2006

David Attenborough on facing his mortality

Sir David Attenborough in a scene from the TV special The Death of the Oceans.

Life without Sir David Attenborough is hard to imagine

Chinese locked out of Australian property market

The rules are different if you're a foreigner

The buyer was from China - the trouble started right there

Morrison signs off on new affordable rental model

Australia's Treasurer Scott Morrison speaks during a press conference after a meeting of the Council of Federal Financial Relations at Parliament House in Canberra, Friday, Dec. 2, 2016.

Scott Morrison signed off on development of a new financing model

Coast high-flyer's fight back from bankruptcy, $72m debt

Scott Juniper went from millionaire developer to declaring bankruptcy in2012, now he is back on top of his game again with new developments including this one in Coolum.

'Apocalyptic lending storm' causes financial collapse.

How your home can earn you big $$$$ this Christmas

This luxury Twin Waters home rents out over Christmas for more than $6000 a week.

Home owners earning thousands renting out their homes this Christmas

2000 jobs at multi-million dollar Ipswich project

INSIDE: Artist's impressions of the interior of the new Eastern Heights aged care precinct.

Sub-contractors needed to build $15m aged care facility

Ready to SELL your property?

Post Your Ad Here!