Greece's borrowing costs skyrocketed to new record highs Wednesday as the government began crucial talks on the details of a rescue package for the debt-ridden country, AP reported. The talks, which are expected to last about two weeks, will focus on the terms and conditions of the joint eurozone-IMF bailout plan agreed in Brussels earlier this month, so the package can be activated quickly if Greece requests the aid. Eurozone countries have pledged ¤30 billion ($40.5 billion) in loans for this year but have not spelled out any longer-term commitments. The IMF is expected to contribute a further ¤10 billion at least. While Athens has said it would prefer to continue borrowing on the international market, the constantly increasing interest rates it faces make it increasingly likely it will ask for the rescue package to be activated. The government needs to raise about ¤10 billion in May, and has ¤8.5 billion worth of 10-year bonds maturing on May 19. -- SPA
