Rescue Package for Greece

Greece has finally reached an agreement on the rescue package to help deal with their large debt and troubled economy. The bailout, which was agreed upon Sunday with the International Monetary Fund (IMF) and Greece's European partners, calls for as much as €110 billion (or $145 billion)loans. The recession that Greece finds itself in is likely to last for several more years before much improvement might come which is longer than expected. It is said that the bailout will take more years than expected possibly by a couple years. The bailout will provide Greece amounts of €45 billion this year. More will come in the next couple years. Greece will have to make huge cuts over the next couple years. The problem with Greece has brought up questions as to how long Portugal, Spain and perhaps Italy, the other countries on Europe's deficit-wracked southern tier have to wait.

by Jenae Harner