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EU’s huge gift to crisis-stricken Greece

A multi-billion pound deal to rescue the crisis-hit Greek economy was finally agreed last night after France and Germany resolved a bitter dispute over how to ease the worst crisis to hit the euro since its launch.

The package, which could be worth up to £22.4bn, will crucially see Greece sent to seek “substantial” aid from the International Monetary Fund (IMF), an outcome that will be viewed across Europe as a decisive victory for Angela Merkel in a show of strength with the French President, Nicolas Sarkozy.

But in a move that is bound to worry many, a one-page draft version of the agreement also contained ambitious plans to turn the European Council into the “economic Government of the European Union”.

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