European leaders have agreed to give Greece a second massive financial bailout. At an emergency meeting in Brussels, the leaders agreed on a sweeping package of measures worth more than 150 billion dollars to try to rescue Greece's shaken economy.For the first time, private lenders, including banks, are also pledging support which will give Greece easier repayment terms. The deal, struck at an emergency summit of the Eurozone's 17 member countries, also involves support from the International Monetary Fund. Banks and other private investors will contribute 37 billion euros to the package.According to President Sarkozy a European Monetary Fund has been created. In the future, it will be able to help countries before they get into serious financial trouble.
News On AIR | July 22, 2011 1:58 PM
Eurozone leaders pledge $ 150 bn to bailout Greece's troubled economy