Bailouts

Greece Asks for EU-IMF Loans

Talk about too big to fail: Greek Prime Minister George Papandreou asked for the EU-IMF debt rescue mechanism to be activated on Friday, requesting loans to help Greece pay off 300 billion euros (about $400 billion) in debt, BBC News reports. The request came a day after Greece's budget numbers showed a deficit of 13.6 percent of gross domestic product, higher than expected. In mid-April EU finance ministers agreed to loan Greece 30 billion euros if it needed them.