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Eurozone approves new aid for Greece

07-03-2011 09:32 BJT

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Eurozone finance ministers have released the fifth instalment of loans to Greece in a bid to prevent the debt-ravaged country from defaulting.

The latest round of loans amounts to 12 billion euros. It was originally planned to be issued last month, but the fund was held off due to Greek lawmakers' failure to agree on austerity targets.

It was finally approved after Athens endorsed new austerity measures. The International Monetary Fund is expected to approve its share of loans worth 3-point-3 billion euros next week.

The EU and IMF are working to devise another bailout package before September. But some economists argue the new rescue package will not be enough to prevent Greece from defaulting.



Editor:Zhang Pengfei |Source: CNTV.CN

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