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Eurozone leaders announce EUR30 billion Greek aid package

This weekend has seen confirmation of a EUR30 billion aid package for Greece from the European Union with further funding available from the International Monetary Fund if required. While a formal announcement was expected soon by many in the marketplace the actual confirmation has come earlier than many people had forecast. The European Union leaders have also been at pains to confirm that Greece has not actually requested the bailout funding and indeed there is no short-term indication the Greek authorities will take up the offer.

This comes at a perfect time for the Greek authorities who are set to auction off short-term debt this week in a bid to bolster the country's balance sheet and attempt to put the Greek budget on a firmer footing. The loan from the Eurozone can be drawn down as and when required by the Greek authorities and will attract financing costs of 5% which is well below the market rate of 7%. It is also believed that the International Monetary Fund is willing to put more funding on top of the EUR30 billion package in a bid to finally kill off the Greek budget deficit and financial problems.

It will be interesting to see how stock markets reacts on Monday as many investors have become increasingly concerned about the potential knock on effects of a collapse of the Greek economy.

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