EU Officials Agree to Bailout Greece

On Friday night, May 7, EU officials signed off on the package to aid Greece. The pack totals to $957 dollars, with $560 billion in loans, $76 billion under an existing lending program and $321 billion coming from the IMF.

Because of the reluctance and disunity shown by Germany and France, the total amount is much higher than what was expected. The E.U. Officials hope that the package will show the E.U.'s commitment to staying united and helping out countries in the union.

NY TIMES ARTICLE

Dogs involved in Greek Protests

(Image taken from Newsweek)

Above is an interesting slide show made by Newsweek showing how the protests in Greece have a history of involving not only aggressive human citizens, but also aggressive dogs.

Several of the dogs seem actively involved in the protests. In a photo from a November 2008 protest a dog looks like its staging a sit-in as it lies in front of the barrier between protesters and the official residence of the prime minister. The photo from a January 2009 commemoration March a dog is standing up to an official who is waving tear gas. In a photo of the most recent protests in April 2010 over the extreme austerity measures, a dog is seen barking at Greece authorities.

This slide show shows a different side of the Greek riots. It seems that everyone gets caught up in the rebellion, humans and canines alike.

Germany signs Greece Bailout

Germany approved its share of the Greece bailout on Monday, May 3. They have agreed to accept Greek bonds as collateral for loans despite fear of downgrades.

The cabinet approved up to 22.4 euros in loans for up to 3 years. The IMF and E.U. countries' rescue plan totals 110 billion euro. The plan is still subject to parliamentary approval, but the bill is expected to pass in all the E.U. countries by the end of the week.

VIDEO: Greece announcing Financial Bailout

IMF Terms for the Bailout

Greece has come to an agreement with the International monetary Fund to take on a new austerity plan in order to obtain financial assistance. This new austerity measure is expected to yield 23 billion Euro in pension overhauls, wage cuts, the abolition of bonuses paid civil servants and tax raises.

The cut of bonuses is estimated to produce 1.4 billion Euro, while the tax is expected to raise from 21-23%. Greek labor Unions responded to previous Austerity measures with violent strikes in Athens. Prime Minister George Papandreou met with the heads of business and labor groups to gain support for the measures, but they still believe they are unfair. The unions are planning a 24 hour nationwide strike for Wednesday.

Though the conditions are harsh this is seen as Greece's only way out. A Greek official told the Wall Street Journal, "This is the way the IMF works--if you want the money, you go by their terms."