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April 11, 2010    

Hopes for Greece as details of rescue plan outlined

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by Kay Murchie
Hopes for Greece as details of rescue plan outlined

There are hopes for Greece today after leaders of the euro zone nations have agreed to provide emergency loans to the debt-ridden country.

However, Luxembourg Prime Minister Jean-Claude Juncker, speaking for euro zone finance ministers, said that the euro zone countries had not decided to activate the loans, as this would depend on a decision by the Greek Government.

The deal will see €30 billion (£26 billion) in emergency loans and comes at a time when Greece is battling with debt of €300 billion (£273 billion).

The country is currently taking action to reduce its public deficit from 12% to 8% of GDP this year.

Last week, ratings agency Fitch downgraded the country’s credit rating amid fears over its rescue plan.

Fitch downgraded Greece’s rating by two notches, from BBB+ to BBB-, as the cost of Greek borrowing continues to soar.

However, as news of the rescue deal emerged late last week, the euro rose more than 1 cent on the dollar, to $1.3466, while the Athens stock exchange rose 3.4%.

The euro also rose slightly against the pound, to 87.630p. The euro has been losing value over the last few months amid fears for Greece.

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