the fist part of the rescue package. Three days following, Standard & Poor’s downgraded Greek bonds by three notches to BB+, or “junk” status, which directly caused Greece loose its access to capital markets. On May 2, EU and IMF claimed an aid package of €110 billion. “The number was based on an allowance of €100 billion so Greece could stay out of the markets for three years, plus an added 10 billion for the safety of the baking system,” Papaconstantinou, the Greek finance minister, explained…
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