In July, 2011 Eurozones 17 member countries agreed to give Greece a massive financial bailout worth more than 150 billion dollars to try to rescue Greece shaken economy. In this respect, which of the following statements is/are correct ? 1. This is for th

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Q: 105 (CAPF/2011)
In July, 2011 Eurozone’s 17 member countries agreed to give Greece a massive financial bailout worth more than 150 billion dollars to try to rescue Greece shaken economy. In this respect, which of the following statements is/are correct ?
1. This is for the first time Greece has been given financial bailout by other European countries.
2. Private lenders including banks are also pledging support which will give Greece easier repayment terms.
Select the correct answer using the code given below :

question_subject: 

General Knowledge

question_exam: 

CAPF

stats: 

0,9,14,1,9,12,1

keywords: 

{'financial bailout': [0, 0, 0, 1], 'massive financial bailout': [0, 0, 0, 1], 'private lenders': [0, 0, 0, 1], 'greece': [2, 2, 7, 8], 'easier repayment terms': [0, 0, 0, 1], 'banks': [5, 6, 5, 25], 'eurozone': [0, 0, 0, 1], 'first time greece': [0, 0, 0, 1], 'other european countries': [0, 0, 0, 1], 'economy': [1, 3, 8, 35]}

The correct answer to this question is option 2, which states that statement 2 only is correct.

Statement 1 is incorrect because Greece had received financial bailouts from other European countries prior to July 2011. In fact, Greece had already received its first financial bailout in May 2010, which was worth 110 billion euros. So, this was not the first time Greece had received financial assistance from other European countries.

Statement 2 is correct because private lenders, including banks, had pledged support to Greece as part of the financial bailout package. This support would give Greece easier repayment terms, helping to alleviate the burden on its struggling economy.

It is important to note that while statement 1 is incorrect, statement 2 is correct, making option 2 the correct answer to the question.