European Union leaders have put forward a financial aid package for Greece reported to be worth €22 billion (US$29.3 billion). The euro gained more than half a cent on the US dollar to $1.3364, after several weeks of losses tied directly to questions surrounding Greece’s future as part of the European Union.
While the news was feted in some quarters, celebrations could be short-lived as attention now turns to other EU countries facing similar struggles. Portugal and Spain have suffered recent credit rating downgrades and it could be only a matter of time before these countries turn to the EU for assistance as well.
Source: BBC News
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