Athens News Agency: News in English, 10-05-07
CONTENTS
[01] Eurozone agrees on support mechanism for Greece
[01] Eurozone agrees on support mechanism for Greece
The leaders of the Eurozone countries decided in the early hours of
Saturday to activate a support mechanism for Greece, Greek Prime
Minister George Papandreou announced at the end of a special summit in
Brussels.
A three year joint programme with the International Monetary Fund (IMF)
makes available 110 billion euro to help Greece meet its financing
needs, with euro area member-states ready to contribute for their part
80 billion euro.
Addressing reporters, Papandreou said that with the decision the
eurozone countries "have shown that they stand with determination by
our side," adding that the disbursement of the lown will begin in the
coming days.
These funds, he added, will "help us to implement without everyday's
uncertainty in the international markets, the stabilisation and growth
programme for our economy."
"But the summit has shown something more, that the need to shield the
eurozone relates not only to Greece's problems, but that the issue is a
broader one and concerns the eurozone as a whole," Papandreou also
said.
"These decisions show that we are going to work all together not to let
international speculation acting without control in the markets, to
take Europe out of the crisis and contribute substantially to the world
economy's recovery," the Greek premier said.
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