IMF agrees to bailout loan for Greece

IMF agrees to bailout loan for Greece

Eurozone finance ministers and the International Monetary fund have reached an agreement to reduce Greece’s massive debt, and release urgently needed funds to the struggling country, which is on the brink of bankruptcy.

After 12 hours of talks, Greece’s international lenders have agreed on a package of measures to reduce Greek debt by 40 billion euros, cutting it to 124 percent of gross domestic product by 2020.

Greece’s debt is currently forecast to peak at 200 per cent of GDP, within the next two years.

Greece will receive up to 43.7 billion euros, to be paid out in stages, starting next month.

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Libby Dreyer
Libby Dreyer 1729 posts

Libby has worked as a Senior Journalist at National Radio News since February 2011. She graduated with a Bachelor of Journalism from the University of Canberra in December 2010.

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