EU faces Greek tragedy if rescue deal not agreed swiftly

ECONOMIC leaders have warned the rest of Europe will face its own Greek tragedy if the eurozone/IMF rescue package for the debt-stricken country is not agreed swiftly.

German economy minister Rainer Bruederle last night confirmed the sum required to save the Greek economy will be €120 billion over the next three years, triple the sum agreed last month by EU leaders.

This is considerably more than the €45bn rescue package being negotiated at present, €30bn of which is expected to come from eurozone members.