Government Plans To Use EUR11bn To Pay Debt


News: The government of Greece is considering plans to use EUR11bn (US$15.2bn) of international aid earmarked for banks to pay back the nation's debt. Greece has utilised EUR25bn (US$34.54bn) out of a EUR50bn (US$69bn) European bank-rescue package to strengthen its biggest lenders, while EUR14bn (US$19.34bn) was used to restructure smaller banks. The remaining EUR11bn (US$15.2bn) may not be required if the banks are able to find private investors, according to Finance Minister Yannis Stournaras (Bloomberg).

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Geography: Greece

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