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Euro zone agrees bailout for Greece

Reuters [1]
March 13, 2010

The euro zone has agreed a multi-billion euro bailout for heavily indebted Greece as part of a package to support the euro, the Guardian newspaper reported on Saturday.

The 16 euro zone members have agreed on “coordinated bilateral contributions” in the form of loans or loan guarantees to Greece if Athens is unable to refinance its debts and asks the European Union [2] for help, the Guardian quoted a senior European Commission official as saying.

The agreement was reached despite strong resistance by Germany [3], and Berlin has played the pivotal role in organising the deal, the paper quoted other sources as saying.

Euro zone finance ministers will finalise the package on Monday, the paper said.

The aid to be made available by the bailout could reach 25 billion euros, the paper quoted its sources as saying. Greece’s borrowing needs for the whole of 2010 total 53.2 billion euros.

Full article here [1]