Greece gets a rescue package from the EU and the IMF.
A $146 billion bailout package will be enough to prevent Greece from defaulting. Or will it keep Greece going a bit longer?
In the meantime, Dr. Roubini says that the U.S. is worse shape than Greece.
From Bloomberg:
Euro-region ministers agreed to a 110 billion-euro ($146 billion) rescue package for Greece to prevent a default and stop the worst crisis in the currency’s 11-year history from spreading through the rest of the bloc.
The first payment will be made before Greece’s next bond redemption on May 19, said Jean-Claude Juncker after chairing a meeting of euro-region finance ministers in Brussels yesterday. The 16-nation bloc will pay 80 billion euros at a rate of around 5 percent and the International Monetary Fund contributes the rest. Greece agreed to budget measures worth 13 percent of gross domestic product.
“It’s an ambitious program, it’s austere but it’s absolutely necessary,” Juncker told reporters. European Central Bank President Jean-Claude Trichet, speaking at the same press conference, said Greece’s plan will “help to restore confidence and safeguard financial stability in the euro area.”
http://www.bloomberg.com/apps/news?pid=20601087&sid=alJWdKeR1TDU&pos=1
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