News / Europe

European Leaders Adopt Second Greek Bailout

Greece's Prime Minister George Papandreou (L),  European Council President Herman Van Rompuy (C) and European Commission President Jose Manuel Barroso (R) address  a joint news conference at the end of an euro zone leaders crisis summit in Brussels July 2
Greece's Prime Minister George Papandreou (L), European Council President Herman Van Rompuy (C) and European Commission President Jose Manuel Barroso (R) address a joint news conference at the end of an euro zone leaders crisis summit in Brussels July 2

European leaders have adopted another package of measures aimed at preventing Greece from defaulting on its huge public debt and stabilizing the common European currency.

The European Union and the International Monetary Fund said Thursday they will give Greece a second bailout worth about $155 billion.  In addition, Greece will get voluntary loans from the private sector to help cover the financial gap.

Officials from the continent's 17 nations that use the euro met in Brussels Thursday.  After the meeting,  European Union President Herman van Rompuy and European Commission President Jose Manuel Barroso said participants unanimously supported a package they called a Marshall Plan for Greece to ensure the sustainability of its debt and prevent the crisis from spreading.  

Greek Prime Minister Georgios Papandreou hailed the package as a solution that's good for the Greek people as well as for businesses.

IMF Director Christine Lagarde praised the determination of euro zone countries to support Greece and other struggling European economies.

In the past year, Greece - and later, Ireland and Portugal - were forced to secure international financial assistance from their European neighbors and the International Monetary Fund.  But Greece, even after adopting austerity measures to cut spending and raise taxes, said it needs another bailout of about the same size as last year's $156 billion figure.

Leaders of the European countries using the euro said they have agreed on measures to prevent future crisis from occurring instead of acting after it happens.  

They said Greece is expected to receive an estimated $53 billion credit from the private sector, to ensure that Greek banks can operate within the euro system.  But those contributions will be voluntary.  Euro zone leaders also pledged to provide adequate resources to re-capitalize Greek banks if needed.  

But they stressed that private sector will not be involved in financial bailouts for other euro zone countries.  Barroso stressed that Greece is an exceptional case that requires a unique solution.

In a statement, the leaders of 17 euro countries and their financial institutions said they are determined to continue to provide support to countries under EU financial aid programs, provided they commit to implement the necessary reforms.  They welcomed Ireland's and Portugal's resolve to implement their austerity programs.

Some information for this report was provided by AP, AFP and Reuters.

You May Like

Australia Knights Prince Philip, Sparking National Outrage

Abbott's surprise reintroduction of knights and dames in the country's honors system last year drew criticism that he was out of touch with national sentiment More

SAG Award Boosts 'Birdman' Oscar Hopes

Individual acting Oscars appear to be sewn up: SAG awards went to artists who won Golden Globes: Julianne Moore, Eddie Redmayne, Patricia Arquette, J.K. Simmons More

Katy Perry Lights Way for Super Bowl's Girl Power Moment

Pop star's selection to headline US football championship's halftime show extends NFL's trend of selecting artists who appeal to younger viewers More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Zoo Animals Show Their Artistic Sidesi
X
June Soh
January 23, 2015 10:03 PM
The pursuit of happiness is so important, America's founding fathers put it in the Declaration of Independence. Any zookeeper will tell you animals need enrichment, just like humans do. So painting, and even music, are part of the Smithsonian National Zoo's program to keep the animals happy. VOA’s June Soh met some animal artists at the zoo in Washington. Faith Lapidus narrates.
Video

Video Zoo Animals Show Their Artistic Sides

The pursuit of happiness is so important, America's founding fathers put it in the Declaration of Independence. Any zookeeper will tell you animals need enrichment, just like humans do. So painting, and even music, are part of the Smithsonian National Zoo's program to keep the animals happy. VOA’s June Soh met some animal artists at the zoo in Washington. Faith Lapidus narrates.
Video

Video Progress, Some Areas of Disagreement in Cuba Talks

U.S. and Cuban officials are reporting progress from initial talks in Havana on re-establishing diplomatic ties. U.S. Assistant Secretary of State (for Western Hemisphere Affairs) Roberta Jacobson said while there was agreement on a broad range of issues, there also are some “profound disagreements” between Washington and Havana. VOA State Department correspondent Pam Dockins has the story.
Video

Video Worldwide Photo Workshops Empower Youth

Last September, 20 young adults from South Sudan took part in a National Geographic Photo Camp. They are among hundreds of students from around the world who have learned how to use a camera to tell the stories of the people in their communities through the powerful medium of photography. Three camp participants talked about their experiences recently on a visit to Washington. VOA’s Julie Taboh reports.
Video

Video US, Japan Offer Lessons as Eurozone Launches Huge Stimulus

The Euro currency has fallen sharply after the European Central Bank announced a bigger-than-expected $67 billion-a-month quantitative easing program Thursday - commonly seen as a form of printing new money. Henry Ridgwell reports for VOA from London on whether the move might rescue the eurozone economy -- and what lessons have been learned from similar programs around the world.
Video

Video Nigerian Elections Pose Concern of Potential Conflict in 'Middle Belt'

Nigeria’s north-central state of Kaduna has long been the site of fighting between Muslims and Christians as well as between people of different ethnic groups. As the February elections approach, community and religious leaders are making plans they hope will keep the streets calm after results are announced. Chris Stein reports from the state capital, Kaduna.
Video

Video As Viewership Drops, Obama Puts His Message on YouTube

Ratings reports show President Obama’s State of the Union address this week drew the lowest number of viewers for this annual speech in 15 years. White House officials anticipated this, and the president has decided to take a non-traditional approach to getting his message out. VOA White House correspondent Luis Ramirez reports.
Video

Video S. Korean Businesses Want to End Trade Restrictions With North

Business leaders in South Korea are calling for President Park Geun-hye to ease trade restrictions with North Korea that were put in place in 2010 after the sinking of a South Korean warship.Pro-business groups argue that expanding trade and investment is not only good for business, it is also good for long-term regional peace and security. VOA’s Brian Padden reports.
Video

Video US Marching Bands Grow Into a Show of Their Own

The 2014 Super Bowl halftime show was the most-watched in history - attracting an estimated 115 million viewers. That event featured pop star Bruno Mars. But the halftime show tradition started with marching bands, which still dominate the entertainment at U.S. high school and college American football games. But as Enming Liu reports in this story narrated by Adrianna Zhang, marching bands have grown into a show of their own.

Circumventing Censorship

An Internet Primer for Healthy Web Habits

As surveillance and censoring technologies advance, so, too, do new tools for your computer or mobile device that help protect your privacy and break through Internet censorship.
More

All About America

AppleAndroid