The International Monetary Fund's board has approved a €30 billion loan for Greece, part of a bigger €110 billion bailout package for the debt-stricken country.
In a brief statement, the IMF said its board of member countries had approved the three-year standby loan agreement during a special session.
Meanwhile, French President Nicolas Sarkozy and US President Barack Obama agreed during a phone conversation on the need for a ‘wide-ranging response to the disarray currently affecting the markets’.
Shortly before Mr Sarkozy talked with German Chancellor Angela Merkel, and his office said the two are ‘in complete agreement on the measures to be announced’ in Brussels to defend crisis-hit euro nations.
