European Solidarity Turned into Substance - The Best from Greece

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Posted on: 12/Apr/2010

Eurogroup finalises 30 bln euro safety net. Eurozone member countries on Sunday agreed to a 30 billion-euro borrowing scheme for Greece for one year, if required, Eurogroup president Jean-Claude Juncker and European Commissioner for Economic and Monetary affairs Olli Rehn announced on Sunday afternoon, following an urgent teleconference of eurozone finance ministers on the Greek economy.

The lending interest rate will be around 5.0 percent, and all eurozone countries will participate in the financial safety net, which can be swiftly activated if needed. Participation by the IMF is also envisioned, at roughly one-third of the lending, and at a lower interest rate, according to reports.

Prime Minister George Papandreou said the decision of March 25 by the Eurogroup was materialised into a specific form on Sunday.

 Today, European solidarity turned into substance," Papandreou said from Nicosia, where he arrived for an official visit to the Republic of Cyprus.

  "With today's decision Europe is sending a clear message, namely, that no one can now play with our common currency; no one can play with our common destiny; the EU is and will remain a community of common values, goals and solidarity," he added.

 "It is now necessary to continue with a serious and determined plan, in every sector of our policy in order to have the results we want for our citizens and Greece," he concluded.



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