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"The bond market vigilantes are still hungry, they smell blood," said David Cohen, an economist with Action Economics in Singapore. "This package is trying to short circuit that process but it could be like the 1997-1998 Asian crisis where countries were attacked one by one." Early Saturday, the eurozone leaders gave final approval for an euro80 billion ($100 billion) rescue package of loans to Greece for the next three years to keep it from imploding. The International Monetary Fund also approved its part of the rescue package
-- euro30 billion ($40 billion) worth of loans -- in Washington on Sunday. Together, the IMF and EU bailouts give Greece enough money to avoid having to raise private funds for two years, IMF officials said. In New York on Friday, the Dow Jones industrials closed down 1.3 percent, at 10,380.43. The dollar rose to 93.29 yen from 92.37 yen late Friday. Benchmark crude for June delivery was up $2.87 to $77.98 a barrel in electronic trading on the New York Mercantile Exchange. The June contract fell $2 to settle at $75.11 on Friday.
[Associated
Press;
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