Germany has finally backed down from its position of denying Greece aid as France brokered a solution for a European Union bailout fund that will be assisted by the IMF, according to Reuters reports picked up by FT Alphaville.The details of the deal are currently scarce but a 20 to 30 billion Euro ($26.7 to $40 billion) fund, with money coming from the IMF and European sources, is what is on offer, according to Les Echos.
More details should emerge after the ending of today’s E.U. summit in Brussels.
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