Eurogroup backs Greek aid plan

2010-04-12 09:09 BJT

Finance ministers from the Euro Zone's 16 nations have earmarked 30 billion euros in emergency loans to Greece for this year. This comes in addition to at least 10 billion euros from the International Monetary Fund making it one of the biggest multi-lateral financial rescues ever attempted.

Luxembourg's Prime Minister Jean-Claude Juncker, who is also Chairman of the Eurogroup, speaks during a news conference with European Commissioner for Finance Olli Rehn (not pictured) in Brussels April 11, 2010. Euro zone finance ministers agreed unanimously at a Eurogroup teleconference on Sunday on how to help Greece if needed. REUTERS/Sebastien Pirlet 
Luxembourg's Prime Minister Jean-Claude Juncker, who is also Chairman
of the Eurogroup, speaks during a news conference with European 
Commissioner for Finance Olli Rehn (not pictured) in Brussels April 11,
2010. Euro zone finance ministers agreed unanimously at a Eurogroup
teleconference on Sunday on how to help Greece if needed.
REUTERS/Sebastien Pirlet

Euro Zone ministers gave Greece the nod to borrow from the bloc's member governments and the International Monetary Fund at significantly below current market rates. But only if market funding dries up.

Eurogroup chairman Jean-Claude Juncker said, "The amount to be paid by the members of the Euro Zone in the first year will be 30 billion euros. This will be contributed to and co-financed by the IMF. The amount for subsequent years will be decided at a later date, depending on how Greece's financial situation develops."