EU leaders agree to give Greece another €120bn

| June 24, 2011 | 0 Comments

A second rescue package for Greece has been agreed, which is understood to be in the region of €120 billion.

The money will come from its fellow euro zone nations, as well as the International Monetary Fund (IMF).

The news of the deal sent stockmarkets higher this morning after the crisis-torn economy has been thrown another lifeline.

London’s FTSE 100 index gained 1.2%, while Paris’s Cac and Germany’s Dax were up by 1.3% and 1% respectively.

Greece was the recipient of a €110 billion loan last year and the fifth instalment of this loan is due next month – providing the Greek parliament approves the latest austerity measures, which will include more spending cuts and tax hikes.

The country needs this money by mid-July or it will default on its loan payments.

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