Greece requests EU/IMF aid package

Greece on Friday requested the activation of a European Union/International Monetary Fund aid package. Athens is currently negotiating details of a 40-45 billion euro aid package with officials from the European Union and Monetary Fund aimed at pulling the country out of a debt crisis which has skaken the euro.

The European Union on Thursday showed Greece’s 2009 budget deficit to be larger than expected and Moddy’s cut the country’s rating rating by one notch, warning of further downgrades.

Greek Prime Minister George Papandreou said Greece faced a “difficult road” as he asked for the activation of a European Union/International Monetary Fund aid package aimed at pulling the country out of a debt crisis.

“We are faced with a difficult road ahead…It is imperative that we ask for the activation of the mechanism,” Papandreou said while visiting the remote eastern Agean island of Kasterllorizo.

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