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.jpg "EU and IMF grant 110 billion of loan to Greece")
The European Union will provide Greecewith 80 billion Euros in funding and the rest will come from the International Monetary Fund (IMF). The deal is designed to prevent Greece economy from defaulting on its massive debt. However, it must first be approved by some parliaments in the 15 other Eurozone countries.
Luxembourg's Prime Minister, Jean-Claude Juncker, said up to 30 billion Euros would be disbursed to Greece in the first year. The first loan tranche will be released before 19 May—the date of Greece's next debt repayment, he said. The leaders of the 16-nation Euro Group will hold a summit in Brussels on Friday to “draw initial conclusions from the Greek crisis”, he added.
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