News / Economy

Leading G-20 Members Support Greek Aid Package

TEXT SIZE - +

Leading members of the Group of 20 industrial and developing nations have expressed support for a proposed $146 billion aid package for Greece.

The finance ministers of Britain, Canada, France, South Korea and the United States issued a statement Monday saying the package "merits the support of the international community."

Also on Monday, the cabinet of German Chancellor Angela Merkel approved legislation that would contribute $29.6 billion in German funding to the aid package.

The draft legislation now must clear both houses of the German parliament, and is on a fast track to do so by Friday.

The European Union and the International Monetary Fund announced the $146 billion aid package for Greece on Sunday.

That loan package requires the Athens government to enact wide-ranging austerity measures, including spending cuts and tax increases.  The bailout is expected to be endorsed by European leaders at a summit later this month.  

Politicians and investors are worried that economic problems could spread throughout the EU if Greece fails to make a scheduled debt repayment later this month.  Those concerns grew in the past week when a key credit rating agency, Standard and Poor's, downgraded its credit ratings for Greece, Portugal and Spain.

Some information for this report was provided by DPA and Reuters.

You May Like

Karzai to Discuss Enhancing Defense Ties with India

Afghanistan looking for more military aid as it prepares for withdrawal of NATO forces by next year More

India, China Pledge to Overcome Border Tensions

Indian prime minister and Chinese premier attempt to move past tense standoff in the Himalayas during Delhi talks More

Burmese President Opens US Visit with VOA Town Hall Meeting

Ahead of his meeting with President Obama Monday, Thein Sein answered questions on human rights and economic development in his country 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.
Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Video

Video Valley Fever Raises Concerns in California, Arizona

A longstanding health problem in California's Central Valley has worsened in recent years, leading health officials to order the relocation of 3,000 prisoners from two state prisons. But the disease affects much of the population in some rural communities and, Mike O'Sullivan reports, while it often goes unnoticed, it sometimes can be devastating for patients.

World Currencies

EUR
USD
0.7661
JPY
USD
99.249
GBP
USD
0.6510
CAD
USD
1.0118
INR
USD
54.524

Rates may not be current.