On May 2, 2010, the Eurozone member states and the IMF announced a three-year, €110 billion (about $145 billion) financial assistance package for Greece. Seeking to head off the possibility of contagion to countries such as Portugal and Spain, EU finance ministers agreed on May 9, 2010, to a broader €500 billion (about $636 billion) financial assistance package available to vulnerable Eurozone governments. EU leaders also suggested the IMF could contribute up to an additional €220 billion to €250 billion (about $280 billion to about $318 billion). Some are concerned that Greece's debt crisis foreshadows the United States' future.
On May 2, 2010, the Eurozone member states and the International Monetary Fund (IMF) announced an unprecedented €110 billion (about $145 billion) financial assistance package for Greece. The following week, on May 9, 2010, EU leaders announced that they would make an additional €500 billion (about $636 billion) in financial assistance available to vulnerable European countries, and suggested that the IMF could contribute up to an additional €220 billion to €250 billion (about $280 billion to $318 billion). This report answers frequently asked questions about IMF involvement in the Eurozone debt crisis.
For more information on the Greek debt crisis, see CRS Report R41167, Greece's Debt Crisis: Overview, Policy Responses, and Implications, coordinated by [author name scrubbed].