Greece Appears Ready to Accept Bail-Out

Yesterday’s weak bond sale and the increasing costs for Greece to borrow money, has prompted the beleaguered nation to formally request meetings with the European Commission and the International Monetary Fund. Yesterday, Greece’s Prime Minister, George Papandreou, addressed the Greek Parliament describing the availability of a rescue package as a “success” for Greece.

“It is a success for Greece that such a mechanism has been set up,” Papandreou told MPs. “Today, there is a mechanism where before there was nothing. It is a safe harbour for the country from the speculation in markets and a concrete manifestation of support by the European Union.”

Source: London Times

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