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Greece's austerity measures to deal with the huge deficit have sparked protests, nationwide strikes, and violence. Photo by BGNES
The EU is all set to reach an agreement on a possible EU multi-billion bailout for Greece, BBC reports Saturday, citing unnamed senior officials.
The media sources say Eurozone ministers are expected to finalize the rescue package proposal Monday. They must find ways to get around rules governing the EUR, which ban a bailout for a country on the brink of insolvency.
Options possibly include loans and a bond issue guaranteed by Eurozone countries
The bailout resources, reportedly reaching EUR 25 B, would be available if Greece asked for assistance to deal with its huge deficit, which the country has not done so far.
Meanwhile, the European Commission is working on tougher rules to monitor fiscal discipline among Eurozone countries, the EU Commissioner for Economic and Monetary affairs, Olli Rehn, is quoted as saying.
Greece is facing a staggering EUR 300 B debt. EU rules state that an Eurozone member cannot have an annual budget deficit higher than 3% of its Gross Domestic Product. Greece has a deficit of 12.7% which the country pledged to reduce to 8.7% during 2010 with long-term plans aiming to cut the budget to less than 3% by 2012.
Greece's austerity measures have sparked protests, nationwide strikes, and violence.
Germany and France are the main supporters of the bailout while the UK and the countries outside the Eurozone will not offer any contribution. However, the relief package faces great controversy in Germany over strong opposition to bailout Greece.
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