Yesterday, EU Finance Ministers, lead by Luxembourg Prime Minister Jean-Claude Juncker, in their first-day meeting in Brussels prepared a strategy to launch emergency loans for Greece. Such assistance if made would be the first since adopting the unified currency in 1999. Probably, EU officials want to decrease the downward pressure on the 16-nation currency which plunged nearly 10% versus the green currency since November.
A European official uttered that the aid will take the form of pooling funds to extend direct loans to Greece. However, Juncker said the relive for Greece will not include loan guarantees, but it will mainly rely on direct financial support from European members. He added that bailing out Greece does not disagree with the EU rules. Still, the amount of aid and the share of each euro-region member have not been announced yet. Germany is expected to will have the biggest share in the salvage plan.
Moreover, EU 27 Finance Ministers will continue their talks today at 9 a.m.