French lower house approves Greek loan plan

PARIS, May 4 (BestGrowthStock) – France’s lower house of parliament
approved early on Tuesday the French portion of a European aid
package for Greece, which calls on Paris to lend Athens up to
16.8 billion euros ($22.4 billion) over the next three years.

The main government and opposition parties voted together to
support the project and the upper house Senate is expected to
give its approval by Friday, opening the way for the release of
3.9 billion euros in French funding to Greece this year.

The European Union and International Monetary Fund have
offered Greece 110 billion euros spread over three years to help
the country overcome its debt and deficit crisis.

“We have to act quickly because, for the first time in its
history, the stability of the euro zone is at stake,” Economy
Minister Christine Lagarde told the lower house.

Although the opposition Socialists backed the package, they
criticised the decision to make Greece pay 5 percent interest on
the loans, saying the money should have been offered at a lower
rate.
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(Reporting by Clement Guillou; writing by Crispian Balmer;
editing by David Stamp)

French lower house approves Greek loan plan