EU leaders reach deal to rescue Greece
BRUSSELS. February 11. KAZINFORM European leaders have reached a deal to provide aid to Greece, EU president Herman Van Rompuy said on Thursday, in an unprecedented move to stave off a broader crisis in the 16-nation bloc that shares the euro; Kazinform refers to China Daily.
"There is an agreement on the Greek situation. We will communicate now the agreement to the other leaders," van Rompuy told reporters gathered at an EU leaders' summit.
The agreement was forged in talks between Van Rompuy, European Commission President Jose Manuel Barroso, French President Nicolas Sarkozy, German Chancellor Angela Merkel, European Central Bank President Jean-Claude Trichet and Greek Prime Minister George Papandreou.
Polish Prime Minister Donald Tusk told reporters earlier that the aid, which would amount to the first bailout of a euro zone member since the currency was created 11 years ago, was likely to come in the form of loans.
"It could be voluntary loans from member states. That seems to be the best option," Tusk said.
A Spanish source told Reuters that details of the aid would be worked out at the latest by Tuesday, when EU finance ministers are due to hold a meeting.
"The general idea is to have broad European assistance with a tighter focus of assistance by euro zone countries," the source said, requesting anonymity. The European Commission would have a supervisory role over the aid deal.
European leaders are keen to prevent Greece's woes from spreading to other highly-indebted euro-zone members like Portugal or Spain, plunging the currency area into a bigger crisis that could reverberate around the globe; Kazinform cites China Daily.
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