Greece: To take 30 billion euros or not? by Zivka Deleva

So, the Greeks have made it! They finally persuaded the finance ministers of the European Union to approve them extraordinary 30-billion euro aid mechanism. Greece is expecting 10 billion euro from the International Monetary Fund, and summed up, that would definitely be the biggest financial help for a country that has ever been done. So, let’s get straight, this is not a gift for the wastrel Greece, it is just a very acceptable loan at significantly low rates. The ministers didn’t even meet face to face, but brought the decision on a telephone conference. But, Greece still hasn’t accepted the aid. In few days, George Papandreou’ s cabinet is goin! g to decide whether the country is going to use those money for raising the country from the mud. "With today's decision, Europe sends a very clear message that no one, any longer, can play with our common currency, no one can play with our common fate" – said Greeks Prime Minister. It is expected for the interest rate to be about 5%, which is 2.3% lower than the actual market rates, at least that’s what European Economic and Monetary Affairs Commissioner Olli Rehn stated. According to him, all the euro zone countries are going to participate in the loan proportionally. The German people are still the most generous, and they are followed by Frenchmen and Italians. "It should contribute to a calming of the markets so that Greece can take care of its homework in peace and quiet" – this is Germany’s government statement. The world now is waiting to see how will Greece officials manage to distribute this money and recover the country. Analysts doubt ! that Greece is capable of doing it. But, we should wait and se! e. One t hing is for sure – Greeks politicians must provide around 11.5 billion euros by May, and total 54 billion euros, so it can cover debt repayment and budget needs.

by Zivka Deleva for Cantell TV (http://cantell.tv)

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