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Greek Bailout

 News broke over the weekend that Greece was offered a 45 billion euro’s ($61m) bailout package in order to prevent the country defaulting on its extensive debts.

The 16 euro-zone countries decided on a rescue package to help Greece. 15 billion euro’s is to come from the International Monetary Fund with the remaining to be lent by the euro-zone nations at 5% interest to be paid back within the year.

As a result of the proposed package, the euro gained in strength against the dollar which in turn pushed the price of gold up. With renewed optimism over debt-ridden Greece, on the back of a weaker dollar, it could work to gold’s advantage. Analysts suggest that now is a good time to buy gold while the dollar takes a dip.

Link to this article: : http://www.goldmadesimplenews.com/gold/greek-bailout-367/

Posted by on Apr 13 2010. Filed under Gold News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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