CURRENT AFFAIRS

2018

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Greece emerged from the eurozone bailout programme after eight years, successfully completing its third and last bailout programme worth
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Explanation: 

Detailed explanation-1: -The Third Economic Adjustment Programme for Greece, usually referred to as the third bailout package or the third memorandum, is a memorandum of understanding on financial assistance to the Hellenic Republic in order to cope with the Greek government-debt crisis.

Detailed explanation-2: -On 21 June 2018, Greece’s creditors agreed on a 10-year extension of maturities on 96.6 billion euros of loans (i.e. almost a third of Greece’s total debt), as well as a 10-year grace period in interest and amortization payments on the same loans. Greece successfully exited (as declared) the bailouts on 20 August 2018.

Detailed explanation-3: -In May 2010 Greece received the first tranche of the bailout loans totaling €20bn. Of this total, 5.5 billion came from the IMF and 14.5 billion of Euro states. On 13 September the second tranche of €6.5bn was disbursed.

Detailed explanation-4: -Euro zone countries lent Greece 53 billion euros in bilateral so-called Greek Loan Facility (GLF) loans during its first bailout, with maturities spreading to 2041. With the planned payment Greece will have repaid a total of 8 billion euros, the official said.

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