Greece Requests Emergency Bailout

Today, Greece finally agreed to the emergency bailout plan which has been gathered together by EU nations and the International Monetary Fund (IMF).

After having initially indicated that it hoped it would need to call on the package – estimated at around €60 billion – the country’s leaders have now caved in and called for the plan to be put into action.

The news came after the EU announced yesterday that the budget deficit in Greece, already at least four times higher than EU rules allow, is actually even higher than had been estimated.

The news of Greece’s acceptance sent the euro shooting up versus the US dollar as investors saw some relief.  However,  foreign exchange analysts have commented that relief is likely to stay in the short-term timeframe.

Greece has really become the neverending story for Europe – is an end the the problems now in sight

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