Hopes rise for Greece bail out

Monday 20th February 2012

Stock markets across Europe this morning moved into positive territory amid hopes of a successful Greek bail out.

Share prices lifted on most major bourses by around 1% ahead of a crucial meeting of euro zone finance ministers later today.

They need to approve the release of funds of £110billion to the Greek government to stop the country defaulting on its debts by next month.

The money would be the second time Greece has been given a bail out by the European Union and the International Monetary Fund.

In 2010, Greece became the first euro zone country to receive EU/IMF cash when it was handed £100billion

The latest rescue plan sees £90billion of debt written off to private lenders.

However, before it is able to receive any money, the country has been forced by the EU, the IMF and the European Central Bank to introduce further and far-reaching austerity measures.

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Mike Jones