FRANKFURT (MNI) – The deal reached over the weekend to help Greece
has clearly eased a difficult situation, European Central Bank Governing
Council Member Ewald Nowotny said Tuesday.
Speaking to the Austrian Press Agency, Nowotny explained that “an
intrinsically difficult situation was clearly eased by the agreement
over the weekend.”
Greece is being given help to help itself, Nowotny, who is also the
head of Austria’s National Bank, explained.
On Sunday, Eurozone finance ministers Sunday agreed to put together
a joint Eurozone-International Monetary Fund deal and to offer Eur30
billion of bilateral loans this year to aid heavily-indebted Greece at a
rate of around 5%, if needed, together with additional IMF loans worth
up to E15 billion.
–Frankfurt bureau; +49-69-720142; frankfurt@marketnews.com
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