Eurogroup countries give their support to the aid mechanism for Greece

The sixteen leaders of the euro area countries (the Eurogroup) have given their support to the financial aid mechanism for Greece; this involves the participation of the International Monetary Fund (IMF) and of the euro area countries through bilateral loans.

With this agreement, a “majority” of Eurozone states - participation is voluntary - will contribute the largest part should Greece eventually need help. That is, if it does not succeed in obtaining loans in the financial markets.

According to the joint statement of the Heads of State and Government of the euro area countries, each country will contribute an amount proportional to its gross domestic product and its total population.
The decision to intervene with these loans must be adopted unanimously by the sixteen euro members, including those which are not taking part in the bailout.

The European Commission and the European Central Bank will be responsible for monitoring Greece's compliance with all the conditions imposed for the different loans it receives.
In tandem with this, the agreement provides for a strengthening of the Stability Pact (fiscal supervision of euro member countries, including penalties for non compliance with the conditions of the Pact).
The Eurogroup meeting took place during a break in the spring European Council, in which the “Europe 2020” economic growth strategy is being studied.

The President of the Spanish government and rotating President of the European Union, José Luis Rodríguez Zapatero, argued previously that the solution to the present crisis situation with regard to the Greek debt must be “fundamentally European”.

“We must show that we are jointly responsible with respect to a currency which has strengthened financial systems and is a benchmark currency for both the European and world economies”, the head of the Spanish government said in a press conference alongside European social partners.