The International Monetary Fund (IMF) approved a $36 billion contribution toward the latest Greek bailout. Along with more than $170 billion from other European governments and institutions, the IMF loans will be doled out over the course of four years, hopefully allowing the country and the eurozone to regain their financial standing.
“The main function of this agreement is to contain the crisis for the next few months in order to provide a more stable environment for Italy and Spain to carry out their adjustments and therefore stabilize the euro area as a whole,” said Domenico Lombardi, a former IMF board official and senior fellow at the Brookings Institution. IMF Managing Director Christine Lagarde said the risks with this type of bailout are "exceptionally high," and that Greek politicians will likely need to make many difficult and unpopular decisions on the road to recovery. IMF rescue plans are also in the works for Ireland and Portugal.
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Chart of the Day
The slow pace of foreclosure litigation has made it seem like there has been a lull in foreclosures lately. Not true—people are still having trouble paying their mortages, and now that banks and states have worked out settlements, expect numbers to rise again.
Reason to Get Out of Bed in the Morning
In anticipation of Saint Patrick's Day tomorrow, here's a funny read on James Joyce ordering a Shamrock Shake.
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