Maze Cartoon on the Economy of Greece.
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EU/IMF Greece Plan Sees Around EUR110 Billion In Funding Gap
BERLIN -(Dow Jones)- Greece faces a funding gap of around EUR110 billion over the next three years, according to the details of a bailout plan from the International Monetary Fund and the European Union seen by Dow Jones Newswires Sunday.
Earlier Sunday, Greek Finance Minister George Papaconstantinou said that the new measures imposed to secure access to the unprecedented bailout package are the harshest and most austere ever imposed in European history.
The plan, dated May 2, didn't give details of how much each euro-zone country and the IMF will give in loans.
"We anticipate covering the program's financing requirements with financial support from euro-area member states and the IMF while strengthening access to the private capital market," the document said.
"Notwithstanding the significant fiscal adjustment, we project a public financing gap of around 110 billion (euros), for the program period, which we expect to cover through matching bilateral lending support from euro area member states and through IMF support," said the plan.
According to the document...Read more: