Cause and Effect in European Politics and Law

The Eurozone stands ready for an urgent assistance for Greece

Ralitsa Kovacheva, March 17, 2010

Eurozone ministers of finance have agreed on a mechanism to secure urgent assistance for Greece, if necessary. At Eurogroup's meeting on Monday evening, "the technical possibilities to take quick decision for coordinated actions in case of a need" have been clarified, a statement of the ministers says. None of the 16 eurozone ministers wanted to elaborate on the bail-out plan which would be the first in eurozone's history, European media have commented. Concrete sums have not been discussed either.

Eurogroup's president Jean-Claude Juncker also refused to reveal details but said that if there was a need of assistance for Greece, it would not include any loan guarantees, as it was discussed during the meeting. It is possible though, eurozone countries to allow bilateral loans. Nevertheless, Juncker was determined that the bail-out plan would not be necessary. In case the situation would require such an assistance, however, the final decision would be taken by EU leaders.

The Greek issue was leading for the EU finance ministers Council (ECOFIN).

More on that topic later on euinside.