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07-24-2011, 08:36 PM #1
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Greece: Two Bail-outs and a Funeral
Greece: Two Bail-outs and a Funeral
Posted on July 24, 2011
by Alexander Gloy
Here we go again. Another bail-out. [Sigh.]
I’ll try to make this as entertaining and easily readable as possible – but first the details of the bail-out agreed on July 21st:
* Fresh EUR 109bn EFSF/IMF loans until mid-2014
* Private sector (read: banks) participation of EUR 37bn
* EUR 12.6bn from bond repurchases at below par (100%)
* All EFSF loans extended to 15-30 years with interest rate cut to 3.5% (same relief granted for Portugal and Ireland)
* EFSF re-tooled: flexible credit lines, purchase of bonds in secondary market, recapitalizing banks
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