Europe fund pumps 109 b. euro into Greek bailout

By REUTERS
March 16, 2012 09:23

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later Don't show it again

BRUSSELS - The euro zone's temporary bailout fund, the European Financial Stability Facility (EFSF), will contribute 109.1 billion euros ($142.60 billion) to the second Greek bailout after covering the costs of the Greek debt swap, the EFSF's chief executive Klaus Regling said.

The International Monetary Fund (IMF) will contribute 28 billion euros on top of the 109.1 billion, which the Fund will pay to Greece over four years, rather than the three years envisaged in the euro zone financing plan.

The 109.1 billion figure includes 48 billion euros that the EFSF will provide, in the form of its own bonds, to recapitalize Greek banks, over the next few weeks, Regling told several international news agencies.

"That means 61 billion euros is left for normal program financing," he said in comments for release on Friday.

The EFSF figure does not include the 30 billion euros that the euro zone has provided as a sweetener for investors in the privately held debt restructuring, or the 5.5 billion euros of repayment of accrued interest.

Related Content

Breaking news
August 16, 2018
No indication Turkey considering IMF financial assistance

By REUTERS