European officials agree on loan terms for Greece

On Sunday, officials from the European Union agreed to give Greece a loan as much as $40 billion in an effort to help Greece's possible economic collapse. An emergency video conference among finance ministers, the 16 nations was called to discuss on the rescue plan for Greece

Germany opposed the idea because they claimed Greece handled its finances irresponsibly. In spite of this it agreed on the amount of money Greece should have available in three-year loans and on the 5 percent interest rate that would be charged.

Under the terms of the European plan as described by officials after the meeting, the IMF would provide perhaps an additional $20 billion in loans, and Greece would be expected to accept the strictures that the international agency typically sets on government spending and finance.