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 splash of cash for community

CASH AVAILABLE: At the launch of the ETC community fund's grants are (from left) ETC chair Rod McKelvey and previous recipients from the House With No Steps, local initiatives co-ordinator Tori Smith and area manager Tina Purdon.

$120,000 up for grabs for community groups

Rainbow club shines at Gold Coast regatta

Rainbow Region Dragon Boat Club at the Gold Coast's Broadwater regatta.

Teams battled it out in blistering heat

FORECAST: Perfect storm for a lazy weekend

Rain is on the way on the Northern Rivers.

Much needed heat relief expected to continue

Local Partners

Furious Price wants to quit I'm a Celeb after clash with Keira

AN IRATE Steve Price has threatened to quit I'm A Celebrity after a series of drama-filled clashes with Keira Maguire.

Novel with lots of heart

The romance in A Quiet Kind of Thunder was only one of the joys of the book.

Book proves to be a gem with layers

Bliss N Eso announce tribute show for stuntman

Bliss N Eso will play a tribute show at Coolangatta in honour of Johann Ofner. The stuntman died during the filming of the group's Friend Like You film clip earlier this year.

BLISS N Eso to play tribute show to raise funds for killed stuntman

MOVIE REVIEW: Trainspotting sequel as good as original

Ewen Bremner in a scene from the movie T2: Trainspotting.

Director Danny Boyle proves sequels can be done well.

How Karl Stefanovic's wife, kids found out about girlfriend

Karl Stefanovic and Jasmine Yarbrough after their day on Sydney Harbour. Picture: Jonathan Ng

Pictures splashed across tabloid were shock to family

WATCH: Toowoomba opera hopeful's incredible voice

Kaitlyn Orange attends Opera Queensland auditions at Empire Theatres for Opera at Jimbour, Saturday, February 18, 2017.

Opera hopefuls vie for parts in performance at Jimbour House

MKR turns spiteful in suddendeath elimination

Alyse and Matt battled Josh and Amy in a spiteful elimination cook-off.

Bottom of the ladder faces off in spiteful sudden-death cook-off.

Submarine, buses and 3000 tyres removed in $100K clean up

The list of things removed from this property is beyond astonishing

Popular island resort sells to loaded international investor

OUR PICK: Chris Foey's colourful shot of one of Gladstone's great tourism hot spots, Heron Island.

International investor snaps up piece of Gladstone paradise.

Potential home buyers punished for doing the 'right thing'

Should I go to university or buy a house?

50 more high rise buildings planned for Brisbane CBD

Height limits have been scrapped for Brisbane CBD

800,000 more people expected to work in city over next 20 years

Ready to SELL your property?

Post Your Ad Here!