Once again the group has approved a bailout package worth collectively 158 billion Euros (130 from the EU and 28 from the IMF), in hopes it will save Greece from ultimate financial collapse. It’s the second bailout in as many years. The first bailout, funded by the EU and the IMF, was agreed in early May 2010. Under the agreement, the 110 billion euro fund would be issued within three years. But despite harsh austerity measures that followed, the money hardly made a dent in Greece’s debt problems and pushed her unemployment rate up even further. The jobless rate is currently 21 per cent in Greece, or twice the Euro zone rate.
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