Greece likely to call on part of €45bn EU aid package

THE Greek government is expected to call on a portion of the joint eurozone-International Monetary Fund loan of €45 billion later this week if they fail to raise money from the markets today at an acceptable rate.

Ireland has agreed to lend approximately €450 million to Greece at an interest rate of around 5%, currently more than the rate at which Ireland borrows.

Experts from the European Commission and the International Monetary Fund, which has agreed to lend up to €15 billion as part of the package, met in Brussels yesterday to agree details.