Greece asks EU-IMF for rescue loans

Link to the article: Channel 4 News

By Channel 4 News

Updated on 23 April 2010

Debt-laden Greece has formally asked for a 45bn euro emergency bailout from the International Monetary Fund and the European Union.

The first injection of funds is expected in under a month, yet the news did little to ease uncertainty in the financial markets.

City experts deemed the move a temporary sticking plaster for a long-awaited bailout.

"The true fact of the matter is that 45 billion isn't enough to sort out the Greek problem", David Morrison, market strategist at GFT Global said.

Indeed, shares in Greek banks crept up just 0.1 per cent before the markets closed.

Meanwhile, queries over how the loan would be paid and what delays might occur were raised.

"Concerns remain during this transitory phase as regards the terms that will be asked for the loans with markets also watching the process of aid approval," said analyst Nick Galousis at Kappa Securities in Athens.