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Euro zone summit approves fresh Greek bailout

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by Kay Mitchell

Euro zone leaders met in Brussels yesterday and have agreed a further €109 billion (£96.3 billion) bailout for debt-laden Greece.

A further €135 billion will come from the private sector during the next three decade, which will include a debt buy-back programme.

Stock markets have risen today following the news with the Japan’s Nikkei closing up 1.2% and European shares up more than 0.5%.

US shares were 1.3% higher, while shares in Milan gained 4%, and Spanish shares climbed 3%.

At yesterday’s summit, leaders of the 17-member euro zone came to an agreement on dealing with the debt crisis, which will also see an expansion of the EU bailout fund – the European Financial Stability Facility (EFSF).

Greece received its first emergency bailout package in May 2010 but there are fears of the crisis spreading throughout Europe and EU leaders are endeavouring to prevent contagion and safeguard the future of the euro.

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News posted: July 22, 2011

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