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Europe

Finance ministers to announce amounts of emergency loans to Greece

Text by News Wires

Latest update : 2010-05-01

Eurozone finance ministers on Sunday will announce how much Greece will receive in emergency loans to help stave off defaulting on its debt. Estimates so far put the critical bailout package as high as €100 billion to 2012.

REUTERS - Euro zone finance ministers will announce on Sunday a figure for emergency loans for Greece until 2012 and their decision is unlikely to need further endorsement by European leaders, a spokesman for the chairman of the meeting said.

Meetings of euro zone finance ministers, the Eurogroup, are informal and are chaired by Luxembourg Prime Minister Jean-Claude Juncker. But their decisions can be made formal by any other gathering of European Union ministers. 

"Normally the council (of finance ministers) has to decide on the activation of the mechanism for Greece. The Eurogroup can very well take the decision informally, but then it has to be formalised by any other council formation," said Juncker's spokesman Guy Schuller.
 
"If some or all of the heads of state and government think it is still necessary to intervene, then it is up to them to do so, but I don't think that will happen," he said.
 
"Normally, on Sunday evening there will be the official decision, then to be formalised by any other council meeting," he said.
 
Asked if the ministers would announce the total amout of loans that Greece can count on from the euro zone and the International Monetary Fund until 2012, Schuller said:
 
"The Commission, the ECB, the IMF and the Greek government will present the whole programme on Sunday morning in Athens and ... the Eurogroup will come up with definite figures, of course."
 
The European Commission, the European Central Bank and the International Monetary Fund are finalising talks with the Greek government on a multiannual austerity package that would unlock emergency loans expected to amount to more than 100 billion euros ($133.2 billion) until 2012.

 

Date created : 2010-04-30

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