While weighing the need to protect the currency against the official position that prohibits the EU from providing direct financial aid to individual member-countries, European finance ministers have opted to provide a safety net to Greece. The rescue will come in the form of emergency loans that will only be implemented if the combined Ã¢â€šÂ¬4.8 billion (US$6.6 billion) in tax increases and spending cuts Greece has already planned, fails to avoid the country’s collapse.
Ã¢â‚¬Å“We clarified the technical arrangements that would enable us to take coordinated action which could be swiftly put into place in the event it is necessary,Ã¢â‚¬Â Luxembourg Prime Minister Jean-Claude Juncker told reporters late yesterday after leading a meeting of euro-area finance officials in Brussels.
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