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EU finance minister discuss Greek rescue

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EU finance minister discuss Greek rescue


Eurozone finance chiefs have been holding high level talks in Brussels to finally seal an emergency rescue deal for debt stricken Greece.

It follows a formal agreement between the EU, IMF and Greek government to free up billions of euros in aid in exchange for more austerity.

Even though, the plan is now expected to be a formality all 15 eurozone finance ministers must agree before final approval is given.

Despite stiff resistance in Germany to the bailout, Chancellor Angela Merkel says she is now optimistic the German parliament will give the green light.

Greek Prime Minister George Papandreou said his nation would have to make great sacrifices, but avoiding bankruptcy was the priority.

The agreement, thought to be as much as 120 billion euros during the next 3 years, aims to stop Greece from defaulting and calm question marks over the stability of the euro.

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