EU approves 7 Billion Euro Short-Term Loans to Greece

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European Union (EU) has approved a short-term loan of 7.16 billion euros to Greece after it was backed by the 28 member states. The European Financial Stabilization Mechanism (EFSM) will be given loan to the Greece and EFSM is a rescue fund set up during the first time bailout of Greece in 2010. This short-term loan will allow Greece to pay its debt to European Central Bank (ECB) and the International Monetary Fund (IMF) till new bailout plan is ratified.

At present, it covers the whole of the 28 EU member nations and not just the 19 euro zone members. This short-term loan fund will be officially for three months but looking at present debt crisis of Greece it can be sustained until 20 August 2015. Greece is strategically located at the crossroads of Europe, Asia, and Africa. Greece’s population is around 10.8 million in 2011 census. All three stages of the Stone Age. These are Paleolithic, Mesolithic, and Neolithic which are represented in Greece, for example in the Franchthi Cave.

- Published/Last Modified on: July 21, 2015