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Eurogroup earmarks 30 bln euros for Greek aid
April 11, 2010 / 3:26 PM / 7 years ago

Eurogroup earmarks 30 bln euros for Greek aid

BRUSSELS, April 11 (Reuters) - Euro zone finance ministers earmarked a total of 30 billion euros for emergency loans to Greece in the first year, the chairman of euro zone finance ministers Jean-Claude Juncker said.

In a rare weekend telephone conference, ministers from the 16 nations that share the single European currency backed a plan for Greece to borrow from euro zone governments and the IMF at below current market rates if market funding dries up.

“It will be 30 billion euro, this be coofinanced by the IMF,” Juncker told a news conference.

“The amount for the subsequent years will be decided at a later date depending on how the financial situation in Greece develops,” he said.

Economic and Monetary Affairs Commissioner Olli Rehn added that the International Monetary Fund contribution, which would roughly follow the formula of two thirds euro zone and one third IMF, would be on top of the 30 billion euros from the euro zone.

The IMF loans are also likely to be cheaper for Greece than the euro zone ones, he said. (Reporting by Jan Strupczewski and Marcin Grajewski)

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