IMF and EU Greece bailout, tax on kebabs to rise...

From the beeb:

Eurozone members and the IMF have agreed a 110bn-euro (£95bn; $146.2bn) three-year bail-out package to rescue Greece's embattled economy.

In return for the loans, Greece will make major austerity cuts which Prime Minister George Papandreou said involved "great sacrifices".

The EU will provide 80bn euros in funding and the rest will come from the International Monetary Fund (IMF).

Full article:
BBC News - Eurozone approves massive Greece bail-out

...and we thought we had problems!

My favourite bit:

"The Greek economy is still deep in recession and on Sunday the government forecast that GDP would fall by 4% in 2010.

The country's national debt - currently at about 115% of GDP - would rise to 149% by 2013 before falling"

So this huge loan is to help Greece continue to pay off its huge erm loan, and stop it defaulting and going bust.

In the words of Sir Terry... "Is it me?"

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