Europe

Europe

Greece says satisfied with EU debt decision

22 July 2011 02:59 (UTC +04:00)

Baku-APA. Greek Prime Minister George Papandreou expressed satisfaction over EU decision to give Greece a second bailout worth 109 billion euro ($155 bln) and a chance to resolve its deep economic crisis, APA reports quoting RiaNovosti
Eurozone leaders agreed at an emergency summit on Thursday a further package of measures aimed at preventing Greece from defaulting on its enormous public debt. The bailout will comprise funds from the European Union, the International Monetary Fund and private investors.
"Finally, we have a long-term program to fight the debt problem," Papandreou said in an address from Brussels, which was aired on Greek television.
"Our people work hard, and the only thing that we ask for is to give us a chance to carry out the reforms," he said.
Greece is facing a default due to its $490-bln foreign debt and a budget deficit that surpassed 15 percent of the GDP in 2009.
The new bailout funds come on top of the 110 billion euro already granted by the EU in May last year.
The Greek government had to implement a number of austerity measures to secure the EU-IMF rescue plan, which sparked a wave of protests and general strikes nationwide.