Friday, January 21, 2011

Greece seeking better rates on rescue loans

Associated Press/Boston Herald
January 19, 2011

Greece was in talks with other European countries in an effort to lower interest rates on a rescue loan package worth a total $146 billion, the finance minister said Wednesday.

Greece has already received support from countries using the euro and the International Monetary Fund for its effort to extend the repayment of the rescue loans. A final deal has yet to be worked out.

"A discussion has begun on the cost of the loans and that is very important for us, so that we can have lower interest rates," George Papaconstantinou told private Mega television.

"It is clear why they insisted on the interest rate that they did, at the time it was imposed, because of the problems we had with our credibility," he said. "But as we regain credibility and others, like Ireland, seek support, we can negotiate the terms of getting better treatment."


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