DESPERATE EUROZONE TO BORROW BILLIONS TO FUND GREECE RESCUE AMID FEARS OF CRASH…

by on 10 Ιανουαρίου 2017

THE eurozone’s bailout fund is borrowing tens of billions so it can fund a rescue plan for Greece, amid fears the country’s debt crisis could once again send shockwaves through the bloc.

The Luxembourg agency responsible for doling out rescue money – the European Stability Mechanism (ESM) – is turning to markets to raise the extra cash needed for the Greek debt relief programme.

The ESM is now issuing €57billion (£49.5bn) in long-term bonds – up 14 per cent from original plans – to cover the bail-out programme.

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