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Originally published Tuesday, May 4, 2010 at 12:22 PM

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IMF to meet Sunday to approve $40B Greek loan

The International Monetary Fund plans to meet Sunday to approve a $40 billion loan to Greece as part of a rescue package to save the country from looming bankruptcy.

The Associated Press

WASHINGTON —

The International Monetary Fund plans to meet Sunday to approve a $40 billion loan to Greece as part of a rescue package to save the country from looming bankruptcy.

The bailout includes a $105 billion loan from the 15 other European Union members who use the euro as their currency.

An IMF spokesman said Tuesday its decision-making board would convene on Sunday to act on Greece's request for a loan.

Greece has debts of $380 billion and a budget deficit of 13.6 percent of gross domestic product. It has been struggling to pull its finances in order and was less than three weeks away from default when the eurozone finance ministers agreed last Sunday to activate the three-year $145 billion eurozone and IMF rescue.

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