France & Germany agree on eurozone, IMF Greek bailout

The two European powers are backing a joint eurozone and International Monetary Fund bailout programme for Greece

Diplomats said today that after months of deep uncertainty and market turmoil, France and Germany are backing a joint eurozone and International Monetary Fund bailout programme for Greece—and other financially troubled members of Europe's currency union, reports PTI.

They were speaking on conditions of anonymity because details have not been agreed upon by all 16 nations that use the euro.

One diplomat said that France and Germany struck a deal “that precisely describes the conditions in which the euro-member states intervene” and “goes well beyond Greece.”

Another diplomat said that an agreement could be announced later today at the EU leaders' summit after markets close. He said it would offer some €22 billion in aid for Greece, combining individual loans from the IMF and eurozone nations. No other officials mentioned an amount.

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    COMMENTS

    Brian

    1 decade ago

    The bankrupt bailing out the bankrupt! Euro will soon be worth nothing.

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