EU reluctantly plans Greece bail-out

The talks among the European Union’s top policymakers on how to extend emergency support to Greece have yet to produce a formal rescue plan because Germany, France and others in the 16-nation eurozone insist that the Greek government bears the primary responsibility for digging itself out of its crisis, EU officials said.

But with pressure on Greek debt building rapidly in financial markets, policy experts at the European Commission – the guardian of the eurozone’s fiscal rules – are hard at work identifying ways to help Greece and stabilise Europe’s monetary union, now facing its most serious challenge since the euro’s birth in 1999.

Greece is an important wake-up call for the other member states,” said one high-level EU official who requested anonymity. “We may act when policies in one country are putting at risk economic and monetary stability.”

Read Full Article from Financial Times

- Posted: 2010-01-28 14:46:44

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