Eurozone pledges €30bn for Greek bailout

Eurozone members have pledged up to €30bn in loans to Greece over the next year to help dodge a debt crisis which is seen as most serious challenge in the euro's existence.

The funds were agreed in a landmark decision during a teleconference of eurozone finance ministers on Sunday, and would be supplemented by contributions from the International Monetary Fund (IMF) which could add another €15bn, according to European officials, the Financial Times reports. Athens would be face rates of around 5% for a three-year fixed loan - above the IMF's standard lending rate, but below those currently demanded by nervous investors. Two-year Greek bonds were last week trading at 7.45%. At a press conference in Brussels on Sunday, European officials announced the thre...