Europe Wants to Fund Greece

America is not alone in the current economical hardships, Greece is currently in a massive debt situation. Europe has proposed a plan to Greece to help out, but they of course get their fair cut as well. Sixteen European countries have unified and offered $40 billion to aid Greece with its debt. With this loan the countries would expect a 5 percent interest rate, which is much lower than the previous offer, where the interest rate was proposed at 7.5 percent. Along with the European aid the country can also expect $20 billion in aid from the International Monetary Fund which may offer an even lower interest rate. This financial move by the sixteen European countries would be the first bailout of a member of the "Euro Zone" in history. With the debt being due in May Greece needs to be quick about its decisions and get financial help fast. Link: http://www.nytimes.com/2010/04/12/business/global/12drachma.html?hp

Submitted by: Katherine Conrad