Greece wins major pledge of financial support

March 26, 2010

BRUSSELSNEW YORK CAIROBROWNSVILLE, Tenn. — - Greece won a major pledge of financial support from the other countries that use the euro and the International Monetary Fund in a deal that aims to halt a government debt crisis undermining confidence in Europe's currency union. The joint eurozone and IMF bailout program comes with strict conditions and makes no money available right now. It could be tapped only if Greece or other financially troubled eurozone members cannot raise funds from financial markets. It would require the unanimous agreement of the 16 eurozone countries to release the loan funds. The deal at a summit meeting Thursday night in Brussels was a clear victory for German Chancellor Angela Merkel, who had taken a tough line on any bailout. She demanded that a rescue for Greece only come when the country runs out of other options.

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