30 Apr 2010

Greek rescue plan almost agreed

1:06 pm on 30 April 2010

The European Union says it's on the verge of agreeing the details of an emergency plan to rescue Greece's economy.

Greece is set to get a lot more than originally thought - $US160 billion over several years, though it will come at a price.

A second austerity plan will inflict more deep cuts on the nation. The cuts will include up to 25% of the military operations budget.

EU Commissioner for Economic and Monetary Affairs Olli Rehn says it's likely aid will be flowing soon.

Borrowing costs for Greece have fallen slightly to 9.7%, but are still high.