Greece Gets 30 Billion Euro Pledge

Eurozone nations pledge to lend Greece 30 billion this year in an effort to end the debt crisis that threatens Athens and the continent.
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BRUSSELS (TheStreet) -- Greece Sunday received a more detailed promise of financial help from fellow eurozone governments.

They pledged 30 billion euros of loans this year, if Greece asks them for help, according to an

Associated Press

report.

In an emergency video conference, foreign ministers of the eurozone nations said they had agreed on a complex three-year financing plan that guarantees an interest rate of about 5%, the report said.

That's significantly lower than the more than 7% investors recently have been asking for on 10-year Greek debt as the nation's debt crisis has rolled on, the report noted.

The International Monetary Fund is ready to give Greece another 10 billion euros, said Olli Rehn, the European Union's monetary affairs chief, according to the report.

Sunday's pledge provides more detail to a March 25 promise of help from both eurozone nations and the IMF. The earlier statement failed to fully assuage markets, because traders and investors viewed it as too vague and full of restrictions, the report noted.

The Athens government has some 54 billion euros worth of debt coming due in 2010 and a large budget deficit, the report noted.

This article was written by a staff member of TheStreet.com.