EU grants Greece second bailout
Posted on July 22nd, 2011
In an EU summit on Thursday eurozone leaders have agreed to offer Greece a new loan of €109 billion, extend maturity terms on existing loans to up to 30 years and open the door for the private sector to contribute to the second bailout.
This second bailout was provided by the eurozone and the International Monetary Fund.
Prime Minister Lawrence Gonzi, who was also present during the summit, welcomed the deal and described it as ‘a breakthrough’.
He added that this deal was different from the first bailout as the assistance to Greece will be given through the European Financial Stability Fund and not through bilateral loans. Therefore Malta will not be making any further advances than what was agreed in the first bailout.
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