BREAKING: Greece Prime Minister Says He'll Ask The IMF For Help


According to Bloomberg Radio, Greece Prime Minister George Papandreou has confirmed that he’ll formally ask for the latest $45 billion aid package from the IMF and Europe later today.

ATHENS, Greece (AP) — Greek Prime Minister George Papandreou has called for the activation of a joint eurozone-International Monetary Fund financial rescue to pull his country out of a major debt crisis.

Papandreou, speaking from the remote Aegean island of Kastelorizo, said he had asked Finance Minister George Papaconstantinou to make a formal request for the plan’s activation.

The prime minsiter says the markets have not responded positively to Greece’s austerity measures, and that it is now a “national and pressing necessity” to call for the aid.

The rescue package will provide Greece with loans from other eurozone countries to the tune of euro30 billion ($40 billion) at interest rates of about 5 per cent, and about euro10 billion from the IMF.

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