If Greece did not achieve relief arrangements may be required to notify inability to pay in a number of debts. Meanwhile, the country may be forced out of the EU, which means that the loans will no longer be the European Central Bank (ECB) ensured. This in turn will destabilize the interbank interest rate of the euro, prompting investors to lose confidence in the euro and possible solidarity to countries with public debt situation similar to Portugal, Italy and Spain. Therefore, a run on a large scale in the bond market and the stock of eurozone banks is entirely possible. This may cause a phenomenon similar to the "snowball" effect or mass crash in the other economies. EU, IMF and the United States is doing to rescue Greece? After going through several rounds of negotiations and disputes between Member States the European Union (EU), the final 110 billion euro bailout package (equivalent to 136 billion US dollars) has been adopted. In particular, the EU will spend 80 billion dollars in total funding, while the remainder will be covered IMF. This is a pretty bold decision but very necessary because at the country's debt crisis is also a way for the EU to save themselves. In the same move, the EU anti-crisis fund worth 750 billion euros (nearly 1,000 billion dollars), including 250 billion euros from the IMF, for the EU to prevent the Greek debt crisis threatened threatening the stability of the global financial markets. After Europe through rescue plan, the Federal Reserve Bank (FED) announced reopening currency swap services to European Central Bank (ECB) easier access to financial resources bronze USD. In addition, the ECB has started buying bonds of EU countries on the secondary market, to enhance market liquidity and prevent the spread of the debt crisis. Euro 14.5 billion loan first disbursed, but barriers to relief from the harsh On 18/05/2010, ie before 1 day Greece to repay maturing bonds, the ECB has granted Greece 14.5 billion euros loan. The Greek government will use this amount to pay bailout owe 8.5 billion euros of bonds maturing on 19.05.2010. After this round, the next round of debt repayment will take place on May 3/2011, with 8.6 billion euros amount. In exchange for the aid of the actual value of 30 billion euro, Greece would have to accept "austerity" to reduce the budget deficit from 13.6% to below 3% within the next 3 years at least. Specifically, Greece will have to make quite a lot of draconian rules such as public sector cuts 1,000 Euros least another year bonuses, and cut completely for those earning 3,000 euros per month; Cut 8% and 3% allowance for public sector spending; No wage increase for the public sector within 3 years; Provides up to 800 euros for 13 months and 14 bonus for pensioners. In addition, the Greek government must also raise VAT, a tax on luxury items and items not encourage consumers to increase budget revenues. During the Asian financial crisis in 1997, the help of the International Monetary Fund (IMF) has received the support from the people of Asian countries. In contrast, the harsh conditions attached to IMF bailout and the EU is facing fierce opposition from people quite Greek.
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