Greece Bailout Send European Markets Higher
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Greece Bailout Send European Markets Higher

Dax : France | Jun 24, 2011 at 3:39 AM PDT
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The money will be 17 euro zone countries and the International Monetary Fund (IMF).

There will be contributions from other lenders and fundraising and cuts in Greece.

London FTSE 100 index rose 1.2%, Paris CAC 40 by 1.3% and Frankfurt the DAX 1%.

The countries of the 10 countries within the European Union but outside the single currency area will not contribute directly, something Germany had initially pushed for.

The original € 110 billion ($ 156bn, £ 98bn) rescue plan is a combination of funds from Greek compatriots in the euro zone nations and the IMF.

The EU money being given to Greece come from the European Financial Stability Facility, as the 17 eurozone nations contribute.

The British contribution to the whole European financial stabilization mechanism covering the entire EU.

The Greek Parliament will vote next week on the last round of government cuts and tax increases.

If the vote goes through, then Greece will receive the next tranche of 12 billion euros of the current 110 billion euros in the euro area and the IMF funds.

Greece need the money by July 15, otherwise it will default on its loan payments.

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Greece Bailout Send European Markets Higher
The money will be 17 euro zone countries and the International Monetary Fund (IMF).There will be contributions from other lenders and fundraising and cuts in Greece.London FTSE 100 index rose 1.2%, Paris CAC 40 by 1.3% and Frankfurt the DAX 1%.The countries of the 10 countries within the European Union but outside the single currency area will not contribute directly, something Germany had initially pushed for.The original € 110 billion ($ 156bn, £ 98bn) rescue plan is a combination of funds from Greek compatriots in the euro zone nations and the IMF.The EU money being given to Greece come from the European Financial Stability Facility, as the 17 eurozone nations contribute.The British contribution to the whole European financial stabilization mechanism covering the entire EU.The Greek Parliament will vote next week on the last round of government cuts and tax increases.If the vote goes through, then Greece will receive the next tranche of 12 billion euros of the current 110 billion euros in the euro area and the IMF funds.Greece need the money by July 15, otherwise it will default on its loan payments.
abduljabar is based in Lahore, Punjab, Pakistan, and is a Stringer for Allvoices.
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