Greece’s European partners say they are offering Greece euro30 billion ($40 billion) in loans this year to help ease its debt crisis.
Olli Rehn, the EU monetary affairs chief, says the International Monetary Fund will make a “substantial contribution” as well, probably about euro10 billion.
He says the funds will be available if Greece makes a formal request for financial assistance, something it has not yet done.
Rehn said Sunday at an emergency video conference, the finance ministers of the 16-eurozone countries agreed that the loans would carry an interest rate of about five per cent – less than commercial market rates but more than beneficiaries of IMF usually pay.
Greece’s debt crisis has hiked borrowing costs for the Athens government and slammed Europe’s common currency.