IMF passed 30 billion euro loan for Greek package by Milota Sidorova

According to former economicst and current Czech President Vaclav Klaus who is very strong political persona, saving euro attempts would succeed but the cost would be very high. The first steps we have already seen, but soon we will have to donate. 16 countries of Euro-zone agreed the support or let's say special loan for debt ridden Greece. Although it is standing on the cliff and faces near bankruptcy, the support or plan B was agreed. Germany passed its 22.4 billion euro share on Friday, France and other Euro-zone countries did the same past week. The last donor, International Monetary Fund approved 30 billion euro package on Sunday Except of this it has prepared 5.5 bil! lion euro for other euro-zone membersm if threatened. Greece is expected to push the 110 billion euro loan during three years in the parts. But the control would be very tough and often. International commission are expected to check the money flow every three months. For the country that's been hit by corruption and tax bluffs on every level of state structure, this may be more than a health move. High amount of corruption is also threatening the transparency of the loan. It simply may not be used for the right purposes. Euro that has performed on the lowest lines this month has regained 1 percent against other world currencies. But seen from wider perspective, there is significant amount of skepticism in Greek ability to pay back the debt. The country has promised to save 30 billion euro (which equals the first loan payment) this year. According to some experts it won't be able to cut that deep and pay back even interests.  

related story (sgx17230): http://news.yahoo.com/s/ap/20100509/ap_on_bi_ge/us_gulf_oil_...

by Milota Sidorova for Cantell TV (http://cantell.tv)

Cantell TV is the fastest growing provider of digital broadcasting coupled with telecommunications, allowing people to easily control, view, upload and share digital content through proprietary interface coupled with free phone calls. Cantell TV is committed to delivering infinite choices to your world of entertainment at the tip of your fingers.