Greece Bailout: Eurozone Leaders Agree on $1-Trillion Aid, Bailout Package of Nearly USD 1 Trillion For Greece, Greece Bailout Package $1-Trillion

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SME Times News Bureau | 11 May, 2010
European Union finance ministers have agreed on a bailout package of nearly USD 1 trillion (750 billion euro) for Greece, as part of their concentrated efforts to prevent the debt crisis contagion from spreading to other nations.

In a marathon 11-hour-long session that lasted till early morning Monday, finance ministers from the 16 Eurozone countries, along with International Monetary Fund (IMF) officials, agreed on a three-year aid plan for Greece.

Under the plan, the EU Commission will make available 60 billion euros (USD 75 billion), while countries from the 16-nation Eurozone would provide bilateral backing through 440 billion euros (USD 570 billion).

The IMF would contribute an additional sum of at least half of the EU's total contribution, or 250 billion euros (USD 325 billion).

"The programme adopted by the Greek government is ambitious and realistic. It addresses grave fiscal imbalances, will make the economy more competitive, and lay the basis for job creation and stronger and more sustainable growth," the Eurozone leaders said in a statement.

"We fully support the ECB in its efforts to ensure the stability of the Euro area," it added.

The European Central Bank has announced that it would intervene in government bond markets and join the US Federal Reserve Bank and other central financial institutions in reactivating extra US dollar liquidity facilities.