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EU powerhouses set to rubberstamp Greek rescue package

It has been revealed that Germany and France are leading the way with regards to a rescue package for the stricken Greek government. While nothing has yet been confirmed it is believed that a €30 billion package could be rubberstamped in the short term which would stabilise the Greek economy and reduce the potential impact on other EU nations.

While officially there has been no word on a timescale or even the existence of a financial package for the Greek government, stock markets around the world have been marked higher this morning on hopes an announcement is imminent. Interestingly, it is Germany and France which appear to be leading the way despite the fact that Germany had seemingly attempted to distance itself from any financial assistance only last week.

The truth is that the European Union cannot afford to let the Greek economy go under because this would have far-reaching ramifications for the rest of Europe and also worldwide money markets. Whether the rumoured €30 billion package will be enough to bail out the economy remains to be seen but at least finally we are seeing progress from the EU. There are likely to be a number of conditions attached to any financial bailout and we await details in due course.

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