Should Greece want to accept the financial aid, all the leaders of the 16 eurozone nations have assented to fund up to 30bn euros in emergency loans for debt-hit Greece. However, Luxembourg Prime Minister Jean-Claude Juncker said that no elements of subvention were mentioned in the loan proposal and he also said that the eurozone countries hadn’t decided to activate the loans as the decision of the Greek government isn’t known yet. International Monetary Fund will also be assisting Greece, said Mr Juncker. And European Commissioner for Economic and Monetary Affairs Olli Rehn said it also depends on the IMF’s exact share of the loan package so that Greece would not have to rely on raising funds in financial markets. The total debt of Greece stands at nearly 300bn euros. The country has been struggling for months to lower its borrowing costs, and the debt crisis has intensified investor fears about rising debt levels and euro value was forced down. In order to ensure the financial aid, the Greece ministers are supposed to make a statement before financial markets open on Monday. Read more at http://news.bbc.co.uk/2/hi/business/8614062.stm.
Submitted by David Gum Awng
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