Greece Prime Minister Welcomes EU Agreement

World | March 26, 2010, Friday // 08:02
Bulgaria: Greece Prime Minister Welcomes EU Agreement Greece Prime Minister Georgios Papandreou reacts at the end of the first day of for the EU head of States Spring Summit on 25 March 2010, in Brussels, Belgium. Photo by EPA/BGNES

Greek Prime Minister George Papandreou said a decision reached in Brussels to set up a European Union aid plan, with minority participation from the International Monetary Fund, “guarantees to protect the financial stability of the eurozone.”

“Europe has taken a step forward… Europe and Greece will emerge stronger from this crisis,” Papandreou told the Greek Net television channel.

“It's a very satisfactory decision which will put in place a European mechanism with the involvement of the International Monetary Fund to guarantee the financial stability of the euro zone.”

Papandreou also welcomed a decision by the European Central Bank to extend its current emergency collateral rules beyond 2010. “This supports and facilitates the efforts we are making,” Papandreou said, according to an emailed statement from his office in Athens.

All 16 eurozone countries backed in the early hours of Friday a financing plan to help debt-laden Greece, which will include IMF money.

The safety net would total up to EUR 22 B and would apply only if market lending to Greece dried up.

Eurozone nations would grant co-ordinated bilateral loans, totalling some two-thirds of the funding, French President Nicolas Sarkozy said.

The deal still needs to be backed by the rest of the 27-member EU.

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