France, Germany Reach Agreement On Greek Bailout

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French and German leaders have agreed to a new financial assistance package for Greece, the Financial Times reports.

Details are scarce, though Steffen Seibert, a spokesman for German chancellor Angela Merkel, told the paper “a common German-French position” has been reached.

The news comes after French President Nicolas Sarkozy rushed to Berlin Wednesday to put the final touches on a bailout.

According to FT, the package may include up to $101 billion from global lenders and a $71 billion tax on eurozone banks. The a draft proposal called for the funds to be used to buy back 20 per cent of Greece’s $497 billion in outstanding debt.

Read the full report at The Financial Times

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