Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

Eurozone Mulls Greece Bailout

Officials avoid B-word while planning 'rescue package'

By Rob Quinn,  Newser Staff

Posted Feb 9, 2010 2:32 AM CST
Email

(Newser) – Greece won't be getting a bailout from the EU itself, officials said yesterday, but they're scrambling to put together a package of loans from member nations to shore up the staggering Greek economy. The EU charter forbids the European Central Bank and national central banks from bailing out countries, but some kind of rescue package from national governments is looking increasingly likely, the Wall Street Journal reports.

The Germans are firmly opposed to helping Greece out of a crisis caused by its own failure to trim its deficit, although officials from other nations have privately indicated that they would support a bailout, according to MarketWatch. The IMF has signaled that it is willing to offer Greece assistance, but finance ministers from other members of the single currency system have made it clear that they would prefer to handle the matter themselves.

Firefighters join a demonstration against planned spending cuts outside the Greek Parliament in central Athens.
Firefighters join a demonstration against planned spending cuts outside the Greek Parliament in central Athens.   (AP Photo/Petros Giannakouris)
Greek Finance Minister George Papaconstantinou speaks during a press conference in Athens last month.
Greek Finance Minister George Papaconstantinou speaks during a press conference in Athens last month.   (AP Photo/Dimitri Messinis)
« Prev« Prev | Next »Next » Slideshow

Greece has to realize that when you break the rules over a long period of time, you have to pay a high price, - German Finance Minister
Wolfgang Schaeuble

« Prev« Prev | Next »Next » Slideshow
My TakeCLICK BELOW TO VOTE
14%
7%
29%
7%
0%
43%
To report an error on this story, notify our editors.
A snapshot of the day's best news stories.
 
COMMENTS
Showing 3 of 4 comments
diltsduo
Feb 9, 2010 10:53 AM CST
I Love the EU.. All for One, And Everyone for themselves! There just a SupeR Power now with a ton of money. Poor Greece, its like California getting Fucked over by the U.S.A.
finkster
Feb 9, 2010 9:41 AM CST
Greece beware of bankers period!!!
kokuaguy
Feb 9, 2010 9:24 AM CST
Greeks: beware bankers bearing gifts !!!
World • Money

 
European Union • Greece • euro • European Central Bank • eurozone • Greek debt crisis • Greece bailout

More Newser Stories

Greek Workers Strike Over Austerity

Greek Deputy Minister Resigns Over Cuts

Greek Leaders Reject Debt Deal

Greek Leaders Finally Huddle on Debt Deal

Greece Axing 15K Public Jobs
NEWS FROM OUR PARTNERS
Other Sites We Like:   24/7 Wall St.   |   Betty Confidential   |   BuzzFeed   |   Cracked   |   Fark   |   Timelines   |   The Frisky   |   Geek Sugar   |   NewsOne