Greek Interest Loan Fund IMF For the First Time.

Greek Interest Loan Fund IMF For the First Time.

Greece pulled the emergency relief fund of 5.5 billion Euros (6.9 billion dollars) from the IMF, becoming the first European zone member countries are forced to ask for help at the IMF. This was done amid strong protest in Athens against government approval would be a huge bailout funds from the EU and IMF, 110 billion Euros. Greece withdrew the funds without any problems, everything was done in close collaboration by the IMF - everything's under control, as we are told the Minister of Finance, told AFP. George Papandreou said that the bailout was a huge success for his country and the majority, the public accept such action even though they are not happy.

Greece requires 9 billion dollars to pay their debts next Wednesday. Minister of Finance also said that the government expects the loan amounting to 14.5 billion euros from the European Union at the beginning of next week. Economy to contract by 0.8 percent in the first quarter, located on the same level in the last quarter of 2009. Some economists have warned that budget cuts will encourage the country's greek into a pit who increasingly in crisis and hamper growth, but some say that reform is underway.

Written by surabayaforex.com