The most remarkable thing about the 30 billion euro bailout package for Greece by the euro-zone nations is the interest rate–5%. The yield on Greek sovereign debt was well over two points higher than that just last week.
According to The Wall Street Journal, the finance ministers agreed Greece would pay an interest rate of around 5% for a three-year loan program, according to the European Commissioner for Economic and Monetary Affairs, Olli Rehn. Greece will try to raise the money on its own this upcoming week. The 30 billion euro nation plan is a backstop if the Greek plan fails. The IMF indicated that it has an additional 15 billion that it will invest in Greece, if necessary.
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