ATHENS, Greece (AP) — A Greek official says Athens is to ask for the activation of a joint eurozone-International Monetary Fund rescue package on Friday.
Market pressure has pushed Greece’s borrowing costs to unsustainably high levels. The official, who spoke on condition of anonymity to discuss the sensitive situation, said Prime Minister George Papandreou was to make an announcement asking for the activation of the plan.
The rescue package will provide Greece with loans from other eurozone countries to the tune of 30 billion at interest rates of about 5 percent, and about 10 billion from the IMF.
