Home > Global news > Eurozone Approves New Greek Bailout

Eurozone Approves New Greek Bailout

Friday, 22 July 2011 06:10

‘Leaders of the 17-member eurozone, alongside the private sector, have agreed on a new bailout package worth about 159 billion euros for Greece to stop debt contagion across Europe.The leaders decided on the new rescue package — which reduces the country’s debt by one-forth — in an emergency summit in Brussels on Thursday.

According to a statement released after the summit, Greece will receive a bailout package of 109 billion euros from the eurozone countries and the International Monetary Fund (IMF), in addition to 49.6 billion euros the debt-laden country expects to receive from the private sector, AFP reported.’

Read more: Eurozone Approves New Greek Bailout

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