EU makes more vague promises to help Greece

Date: Tuesday 16 Mar 2010

European countries have made yet more vague promises to help debt laden Greece if needed.

The euro zone’s 16 finance ministers declared late on Monday that they have agreed the "technical modalities" for financial help for Greece, but the exact details of how the package would work remained vague.

“The objective would not be to provide financing at average euro zone interest rates, but to safeguard financial stability in the euro area as a whole,” the ministers said last night.

They stressed that financial help will only be made available if Greece's austerity measures fail to reduce the country's public deficit and national debt.

German and Spanish ministers reiterated that Greece was not currently in need for help.

Elsewhere, civil servants union in Athens announced that they will strike again for 24 hours in March or April.

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