EU sees no obstacle of fulfilling aid package to Greece

10:09, April 24, 2010      

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The European Commission said on Friday that it anticipated no obstacles in activating the formerly agreed aid package to Greece now the country has asked for the assistance.

The aid package was agreed on by eurozone countries and it will be activated according to the planned sequence of steps, said a spokesman for the European Union's Economic and Monetary Affairs Commissioner Olli Rehn.

"We are not foreseeing any obstacle here", the spokesman said, noting that sequent measures are to be taken "quickly and effectively".

The spokesman said the European Commission and the EU central bank will issue an opinion as to the need to activate the mechanism subsequent to the request. Members of the eurogroup then will formally decide on the activation of the mechanism.

Greek Premier Minister George Papandreou on Friday asked for activation of the 45 billion-euro (59.92 billion U.S. dollar) aid program jointly supported by the EU and International Monetary Fund.

"It is time that Greece will be supported by European partners and the International Monetary Fund," Papandreou said during a televised address form the island of Kastellorizo in eastern Greece.

"I have already asked Greek Finance Minister George Papaconstantinou to move onto the necessary actions," he said.

This aid package made it possible for the country to borrow at a lower rate. Greece has witnessed soaring borrowing costs for months, making it ever difficult for her to pay back its 300 billion-euro (399.52 billion U.S. dollar) debt.

Source: Xinhua


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