Details of Greek rescue package spells out scale of the problem

currency calculator in use

Details have emerged of the package which several European leaders agreed in order to resolve the huge debt crisis in Greece.

Banks holding Greek debt will now have to accept a 50% loss after a series of hard fought negotiations.

The new plan, which will also involve more rescue loans, will reduce Greek debt by 120% of its GDP by 2020.

The agreement has been reached to prevent the debt crisis spreading throughout the Euro-zone to other struggling economies, such as Italy.

Leaders from 17 Euro-zone nations held talks last month in Brussels before reaching an agreement.

Greece will receive another 1 trillion euros (£880) from the Eurozone and International Monetary Fund.

This is slightly less than agreed in July, however, banks will now have to recover the remaining capital to protect them against losses from any future government defaults.

European Commission President Jose Manuel Barroso said; “These are exceptional measures for exceptional times. Europe must never find itself in this situation again.”

The ‘exceptional measures’ are certainly unprecedented. More than anything else, they demonstrate the lengths which those involved are prepared to go to in order to deal with the situation.

Failing to act now could result in a domino effect taking place, and that is not something that figures like Angela Merkel and Nicolas Sarkozy are willing to contemplate.

Transfer Money to Greece

If you are looking to invest in Greece, think carefully about how you will be transferring money to Greece. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are looking to send money now to Greece – which you will inevitably have to do if you are looking to make a property investment, be sure to compare the market before you buy your overseas currency.

Company Details

Details of Greek rescue package spells out scale of the problem

Get a quick quote

Open Account with Moneycorp

Moneycorp are located at:
The Zig Zag Building, 70 Victoria Street, Greater London, SW1E 6SQ, United Kingdom

Get a Quick Quote

Newsletter Signup to CMT

Sign up to our foreign exchange newsletter to receive news updates directly by email

Compare Money Transfer will not Share your details!

Bank Exchange Rates Comparison

High St Bank Exchange Rate

All Rights Reserved: Copyright 2006 - 2018 Compare Money Transfer Limited offering FCA Regulated Suppliers - 34 New House, 67-68 Hatton Garden, London, EC1N 8JY. +44 (0) 843 357 4882