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EU & IMF OK $1 Trillion Rescue Package

HeadlineMay 10, 2010

In economic news, European policymakers have unleashed an emergency rescue package worth about $1 trillion to stabilize world financial markets and prevent the Greek debt crisis from destroying the euro currency. The rescue was hammered out by European Union finance ministers, central bankers and the International Monetary Fund. In Greece, activists held a silent sit-in protest outside the parliament in Athens on Sunday over the austerity plan which foresees cuts to public spending and tax increases. Some of the protesters covered their faces with white masks to symbolize what they describe as “invisible citizens without a voice.” The protesters also criticized the EU for being slow to react to Greece’s problems.

Thanos Kodarinis: “They are inefficient, but they are inefficient on purpose, because it’s a message sent, by some and especially Germany, to all the other countries having similar problems to Greece: don’t dare to go to a situation like Greece is because you will have the same kind of measures. This is a message to Spain, Portugal, Italy and later on to France.”

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