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EU CONTINUES WRANGLE OVER GREEK BAILOUT AS FRANCE'S CREDIT-RATING IS DOWNGRADED

Tuesday November 20,2012
By Emily Fox

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EU officials are finally set to reach a political accord over the 44billion euro Greek bailout fund today - an agreement which has eluded them thus far.
A discussion among the 17 finance ministers of the eurozone is currently underway as they look to sign off the multi-billion euro rescue fund.

The eurozone ministers had hoped that they would be able to sign a deal last week but talks descended into a farce as the officials failed to reach an agreement on how to deal with the crisis.

Laboring under a mountain of debt and facing a gaping budget deficit, Greece has been relying since 2010 on international bailout loans, under terms supervised by the so-called troika - the International Monetary Fund, the European Central Bank, and the European Commission.

Meanwhile in France, the economy faced a battering after its AAA cr


Added: Nov-20-2012 Occurred On: Nov-20-2012
By: gemini
In:
Regional News, Politics
Tags: eu, budget
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