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Greece Asks for EU/IMF Aid to Be Activated

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Antonia Oprita
Friday, April 23rd, 2010

Greece will ask for the joint European Union/International Monetary Fund, Prime Minister George Papandreou said on Friday.

“It is imperative that we ask for the activation of the mechanism,” Papandreou said while visiting the remote Aegean island of Kastellorizo, according to Reuters.

The cost of Greek credit default swaps fell below 600 basis points after reports that Greece was likely to ask for aid. European stocks also rose.

The Balkan country is holding talks with officials from the EU and the IMF about the terms of the bailout, which could be as high as 45 billion euros ($60 billion).

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This article was posted: Friday, April 23, 2010 at 4:06 am

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