Greek PM Wants Immediate Action on Debt Rescue

Posted August 5th, 2011 at 6:15 am (UTC-5)
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The Greek prime minister urged his European partners Friday to take immediate action to enact a recent summit deal on a second bailout for Greece.

George Papandreou said in a letter to European Commission President Jose Manuel Barroso that European institutions, member-states, and national parliaments should “proceed now to action.”

The European Union and the International Monetary Fund last month approved another $155 billion bailout for Greece after last year’s $160 billion loan failed to bring about any major improvements in the Greek economy.

The new deal has yet to be implemented.

The new bailout comes with voluntary loans from private investors to help Greece avoid defaulting on its debt.