Greece is set to get an additional four and a half years to pay for emergency loans

Greece is set to get an additional four and a half years to pay for emergency loans to match the term of seven years to rescue Ireland received yesterday. Greek bonds and stocks of cattle.

Greece in May has an aid package of three years from 110 million euros ($ 146,000,000,000) in the euro area and the International Monetary Fund to avoid defaulting on debt. Ireland won yesterday a package of 85 billion euros for seven and a half in a meeting of European finance ministers said they "quickly examine the need to align the maturity of the financing of Greece to Ireland."

"This should now eliminate any remaining doubts about Greece's ability to repay aid," said EU Economic and Monetary Affairs Commissioner Olli Rehn after the meeting in Brussels. He said the step will be preceded by talks with the Greek government would be "very important" to help ensure the "debt sustainability" of Greece.

The government of Prime Minister George Papandreou may be able to respect the original timetable for the payment of quarterly installments of aid and tax revenue falls on a forecast of the economy to contract by 4.2 percent this year and 3 percent in 2011. Increased EU estimates for 2009 Greece's debt and the deficit in mid-November forced the government to announce additional measures of austerity to achieve the goals set as a condition for receiving funds.

Budget Deficit

Greece's budget deficit last year was 15.4 percent of gross domestic product, a record for the euro area, according to EU statistics office. The gap will be 9.4 percent of GDP this year - above the original target of 8.1 percent agreed in May - and 7.4 percent next year, according to the Greek government.

Greek bonds rose today, sending the 10-year yield up 13 basis points, up 11.78 percent. Greek stocks advanced for the first time in seven sessions, led by banks and EFG Eurobank Ergasias SA and National Bank of Greece SA.

first-aid reimbursement of Greece is due in 2013. needs of the country's gross debt will rise to 70.8 million euros in 2014 from 53.2 million in 2013 on the reimbursement to the States of the EU and the IMF, IMF documents showed.

IMF Managing Director Dominique Strauss-Kahn, said in October that Greece would be willing to give more time to pay the help of the lender with headquarters in Washington, which provided 30 million euros in the Greek rescue plan, if nations Europe decide to do first.

The government of German Chancellor Angela Merkel reacted the same month, saying it "is not in favor of extending the payment schedule" for Greece and any movement as it would be "premature."