Vittorio Hernandez – AHN News
Brussels, Belgium (AHN) – Greece is the first eurozone member to default. However, leaders of the 17 members of the zone accepted that the controlled failure was the only option left to prevent the collapse of their currency and lead to another global financial crisis.
With the default, the leaders agreed to extend on Thursday another $229 billion (EUR 159 billion) bailout package from Europe, the International Monetary Fund and the private sector. It will be Athens’ second bailout after the $158 billion (EUR 110 billion) bailout extended to Greece in May.
The fresh funds are expected to reduce Greece’s debt by a quarter. Private lenders will also contribute $71.49 billion (EUR 49.6 billion) to the package in the next three years, which includes an $18.1 billion (EUR 12.6 billion) debt buy-back program.
With the default, the leaders agreed to extend on Thursday another $229 billion (EUR 159 billion) bailout package from Europe, the International Monetary Fund and the private sector. It will be Athens’ second bailout after the $158 billion (EUR 110 billion) bailout extended to Greece in May.
The fresh funds are expected to reduce Greece’s debt by a quarter. Private lenders will also contribute $71.49 billion (EUR 49.6 billion) to the package in the next three years, which includes an $18.1 billion (EUR 12.6 billion) debt buy-back program.
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