Stock Market Today Trading Analysis - Stock Market Report & Research

Stock Market News

Custom Search
Saturday, March 13th, 2010 | Posted by Best Growth Stock

Euro finmins to agree on Greek aid, no sums -source

By Jan Strupczewski BRUSSELS, March 13 (Reuters) - Euro zone finance ministers are likely to agree on Monday on the principles and parameters of financial help to Greece, if it is required, but leave out any sums until Athens asks for them, an EU source said. "I think we should be able to agree on principles of a euro area facility for coordinated assistance. The European Commission and the Eurogroup task force would have the mandate to finalise the work," the senior EU source, with knowledge of the preparations, told Reuters. "It would be the principles and parameters of a facility or mechanism, which then could be activated if needed and requested." British newspaper the Guardian reported its sources as saying the aid to be made available by the bailout could reach 25 billion euros. Greece's borrowing needs for the whole of 2010 total 53.2 billion euros. But the source said no numbers were likely at this stage. "There is no agreed figure. You would have a framework mechanism and you would have blank spaces for the numbers because there has been no request (from Greece) yet," the source said. Finance ministers from the 16 countries using the euro, the Eurogroup, meet on Monday in Brussels to discuss the Greek debt crisis and the country's progress in introducing austerity measures necessary to regain the confidence of markets. Greece has announced steps to reduce its budget deficit this year to 8.7 percent of GDP from 12.7 percent in 2009, triggering street protests and strikes but also reducing market concern over whether the country would be able to service its debt. The source said that among the instruments considered to help Greece were both bilateral loans and loan guarantees. "The preparations have been done under the Eurogroup by member states and the Commission. The Commission has done much of the technical work," the source said. "The aim of the exercise so far has been to do the technical preparations, so that the political decision could be possible on Monday. Germany holds the key at the moment." Polls show that public opinion in Europe's biggest economy Germany is strongly opposed to their country bailing out Greece, which has for years provided unreliable statistics about the true size of its deficit and debt, breaking EU budget rules. In a move that is likely to alleviate German concerns about spending money on Greece, the Commission has said it would soon make a proposal for stronger economic cooperation between euro zone countries and tighter surveillance of their performance. Stock Market Today (Reporting by Jan Strupczewski, editing by Patrick Graham and Adrian Wright) Euro finmins to agree on Greek aid, no sums -source


Comments are closed
Stock Market Trading Stock Market News

Related Stock Market News


  • EU ministers fail to agree on hedge funds-source
    • BRUSSELS, March 16 (Reuters) - European Union finance ministers failed to reach agreement on the shape of a new law to control hedge funds at a meeting on Tuesday, a diplomatic source with knowledge...
  • Greek aid release will be as soon as possible-EU
    • BRUSSELS, April 23 (Reuters) - Emergency loans to Greece will be released as quickly as possible, and all the players involved are in touch and know what to do, the European Commission said on Friday. Greece...
  • Germany seeks crisis loan guarantee limit: sources
    • BRUSSELS (Reuters) - Germany wants the rest of the European Union to agree to limit any loan guarantees for debt-stricken euro zone states to a maximum of 500 billion euros ($671 billion), EU sources said...
  • Schaeuble says recommends German govt agree aid deal
    • BRUSSELS, May 2 (Reuters) - German Finance Minister Wolfgang Schaeuble said on Sunday the German government's share of a Greek rescue deal would be about 22 billion euros. Schaeuble also told reporters...
  • Euro zone summit likely on Greek aid: EU sources
    • BRUSSELS (Reuters) - Euro zone heads of government and state are likely to meet next Friday or Saturday to approve an aid package for Greece, European diplomats said on Sunday. The summit date will...
Stock Market Today Stock Market Trading

Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks or trademarks of the Reuters group of companies around the world. Reuters in no mean sponsor or is associated to this website.

Stock Market Report

Tags: , , , , , , , , , , ,



Stock Market Analysis
Popular Sections: Today's Market Activity | Markets Overview | Stock Market News | Currencies | Mutual Funds | Market Calculators | My Portfolio | Stock Market Tracker
Popular Tags: stock market today | stock research | stock quotes | stock analysis | market report | stock trading | stock charts | foreign market | energy market | treasurys
ABOUT US | ADVERTISE | NEWSROOM | CONTACT US | TERMS OF SERVICE | PRIVACY POLICY | SITEMAP
Best Growth Stock LLC. World Leader In Today's Stock Market Trading Analysis, Report & Research. Copyright . All rights reserved.

Stock Market Today Stock Market Stock Market Report

Nasdaq quotes delayed at least 15 minutes.
All other data is delayed at least 20 minutes.
Stock News provided by MarketMinute.com & Reuters.
Stock Analysis provided by SocialPicks. Conference calls information supplied by OpenCompany.
Fundamental data supplied by Mergent, Inc.
Stock quote data supplied by Telekurs.