Eurozone reportedly close to a deal on aiding Greece

Support for Greece from the European Union will most likely be formally agreed on Monday at the meeting of the eurozone economy and finance ministers (the Eurogroup), but as an article by German Finance Minister Wolfgang Schaeuble indicates, it will be dependent on strict structural measures. Reports in the European press suggest the aid plan involves 55 billion euros, which would cover Greece’s borrowing needs until the end of the year. This could take the form of bond loans guaranteed by the eurozone member states or direct lending to Greece by its peers in the bloc. It is hoped that making the agreement, or part of it, public will put an end to uncertainty in the markets about the future of the Greek economy. However, Schaeuble also suggested that there should be some formula for dismissing a country from the zone if needed.

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