EU to back Greece
(15 February 2010 – Europe) The European Union met last week in Brussels to discuss Greece’s national deficit, and has now reached an agreement to help the ailing country.
The European Union’s President, Herman Van Rompuy, has not released any details of the agreement at this stage, but has promised determined and coordinated action to preserve the financial stability of the euro-zone.
The announcement offered partial relief to markets that have whipsawed over the last two weeks over concern about how Greece, Portugal and other euro-zone economies would handle large deficits.
Mr Van Rompuy did not specify what that the action might be, but added that Greece had not asked for any financial help.
Greece has been at the top of the central bank’s problem list with the nation’s national deficit amounting to 12 percent of its GDP.
The announcement offered partial relief to markets that have whipsawed over the last two weeks over concern about how Greece, Portugal and other euro-zone economies would handle large deficits.
Mr Van Rompuy did not specify what that the action might be, but added that Greece had not asked for any financial help.
Greece has been at the top of the central bank’s problem list with the nation’s national deficit amounting to 12 percent of its GDP.
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