Greece gets $57B in critical loans, debt relief

European and global financial leaders have agreed to release €44 billion ($57 billion) in critical loans to Greece and provide billions in additional debt relief in order to help the country stabilize its ailing economy.

After three weeks of negotiations, Greece's euro partners and the International Monetary Fund agreed early Tuesday morning to release the loans in four installments beginning next month. The leaders also settled on a raft of measures — including a debt buyback program and an interest rate cut on loans — that will reduce the country's debts by about €40 billion.

Greek Prime Minister Antonis Samaras hailed the agreement in Brussels as a victory that heralds "a new day for all Greeks." But the country will still face years of economic pain as austerity measures agreed to as part of the bailout package are implemented.

Read Full Article from USA TODAY

- Posted: 2012-11-27 15:44:35

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