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UPDATE 1-Eurogroup to hold teleconference on Greece Sunday

Sat Apr 10, 2010 8:11am EDT

(Adds quotes, background)

BRUSSELS, April 10 (Reuters) - Euro zone finance ministers, the European Central Bank and the European Commission will hold a teleconference on Greece on Sunday, a spokesman for Eurogroup President Jean-Claude Juncker said on Saturday.

"There will be a teleconference on Sunday on Greece in the usual Eurogroup composition," Guy Schuller said.

He added that Juncker and Economic and Monetary Affairs Commissioner Olli Rehn would probably hold a news conference on Sunday at 1400 GMT in Brussels.

Schuller would not comment if the timing of the teleconference was linked to a Greek treasury bill auction on Tuesday, at which Athens wants to raise 1.2 billion euros through six- and 12-month bills.

Euro zone countries have pledged to lend to Greece if the debt-stricken country cannot finance itself in the market.

"It has been announced after the European Council that in order to finalise the mechanism for Greece, if Greece asks for help, the Europeans should be ready in the shortest time," Schuller said.

"Greece has not asked for help, but you have to be ready if they do," he said.

Deputy finance ministers and central bankers of the 16 countries sharing the European single currency decided last Thursday that any emergency loans would be made on terms almost identical to standard IMF bailouts if Greece needed them.

(Additional reporting by Ingrid Melander in Athens)

(Reporting by Jan Strupczewski; Editing by Susan Fenton)

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Comments (1)
kikashi wrote:
It seems to me that if the Eurozone leaders really want to help Greece, all they have to do is support the up-coming bond sales. If German and French central banks were seen to be on the buy side in the market it would probably go a long way towards quelling the speculation that is driving Greek bond yields higher. Further, the cooperative effort would probably ease the negative speculation surrounding the Euro, and allow it’s value to recover as well….no, it’s too easy that way, never happen!

Apr 10, 2010 10:23am EDT  --  Report as abuse
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