Europe agrees on Greece rescue plan
Top news: The 16 members of the European Monetary Union agreed on Thursday night to an emergency plan to help Greece out of its debt crisis. The total package comes to about $22 billion -- mostly consisting of coordinated bilateral loans -- and would only be activated if market lending to Greece dried up. European Council President Herman Von Rompuy called the agreement significant "not just for Greece, but for the stability of the eurozone" but also hoped that its provisions "will not have to be activated."
The agreement also resolves a dispute between European heavyweights France and Germany over aid to Greece. The French position had been that a bailout was needed to prevent a collapse of the Greek economy, which could have ripple effects throughout the Eurozone, while German Chancellor Angela Merkel was resistant to sign on to anything resembling a bailout, which is not allowed under Europe's single-currency rules. In the end, Merkel won a major concession by having the IMF constitute a major portion of the bailout funds.
Greek Prime Minister George Papandreou called the decision "very satistfactory" and the euro strengthened against the dollar on the news.
Church abuse scandal: A new report in the New York Times, suggests that as Archbishop of Munich, Pope Benedict XVI was more well informed of the case of an abusive German priest than has previously been claimed.
The agreement also resolves a dispute between European heavyweights France and Germany over aid to Greece. The French position had been that a bailout was needed to prevent a collapse of the Greek economy, which could have ripple effects throughout the Eurozone, while German Chancellor Angela Merkel was resistant to sign on to anything resembling a bailout, which is not allowed under Europe's single-currency rules. In the end, Merkel won a major concession by having the IMF constitute a major portion of the bailout funds.
Greek Prime Minister George Papandreou called the decision "very satistfactory" and the euro strengthened against the dollar on the news.
Church abuse scandal: A new report in the New York Times, suggests that as Archbishop of Munich, Pope Benedict XVI was more well informed of the case of an abusive German priest than has previously been claimed.
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-By Joshua Keating |
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