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Greece Requests $56B EU/IMF Rescue

HeadlineApr 23, 2010

Greece has requested a massive $56 billion rescue package in the face of a mounting debt crisis. Greek Prime Minister George Papandreou issued the request to the European Union and International Monetary Fund earlier today. Any rescue aid could further tighten the austerity measures, including spending cuts and tax increases that have sparked widespread protest in Greece. Major US firms played a key role in Greece’s financial crisis. One deal created by Goldman Sachs helped Greece obscure billions in debt from European regulators. In addition to Goldman, the Greek government used over a dozen banks to manage its national debt using derivatives.

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