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EU 'nearing' Greece bail-out deal EU 'nearing' Greece bail-out deal
(10 minutes later)
The EU is poised to reach agreement on a multi-billion euro bail-out for Greece after weeks of crisis, senior officials have told the BBC.The EU is poised to reach agreement on a multi-billion euro bail-out for Greece after weeks of crisis, senior officials have told the BBC.
The rescue package would provide loans and guarantees for Greece if it asked for help financing its deficit, says the BBC's Gavin Hewitt in Brussels.The rescue package would provide loans and guarantees for Greece if it asked for help financing its deficit, says the BBC's Gavin Hewitt in Brussels.
Eurozone finance ministers are expected to have a proposal finalised as early as Monday, our correspondent says.Eurozone finance ministers are expected to have a proposal finalised as early as Monday, our correspondent says.
Greece has so far not asked for help solving its financial crisis.Greece has so far not asked for help solving its financial crisis.
Its deficit is more than four times higher than eurozone rules allow, and it is trying to reduce it with austerity measures that have provoked public anger.Its deficit is more than four times higher than eurozone rules allow, and it is trying to reduce it with austerity measures that have provoked public anger.
The crisis over Greece's huge debts has also hurt the euro.The crisis over Greece's huge debts has also hurt the euro.
German oppositionGerman opposition
The hope is that the deal will be there as a last resort, but that the funding will not actually be needed, says our correspondent in Brussels.The hope is that the deal will be there as a last resort, but that the funding will not actually be needed, says our correspondent in Brussels.
Greece's PM has been trying to drum up support for austerity measuresGreece's PM has been trying to drum up support for austerity measures
Germany and France would be the main backers, with no contribution from Britain and other non-euro countries, he adds.Germany and France would be the main backers, with no contribution from Britain and other non-euro countries, he adds.
The deal would have to be constructed to get around rules governing the euro currency which prohibit a bail-out for a country on the brink of insolvency.The deal would have to be constructed to get around rules governing the euro currency which prohibit a bail-out for a country on the brink of insolvency.
And any potential bail-out will be hugely controversial in Germany, where there is strong opposition to helping Greece. And any potential rescue package will be hugely controversial in Germany, where there is strong opposition to helping Greece.
It would also have to avoid the possibility of a challenge from Germany's supreme court.It would also have to avoid the possibility of a challenge from Germany's supreme court.
News of the possible deal leaked out late on Friday and officials were expected to haggle over the weekend on the proposal's finer details, our correspondent adds.News of the possible deal leaked out late on Friday and officials were expected to haggle over the weekend on the proposal's finer details, our correspondent adds.
Greece's austerity measures have sparked protests and nationwide strikes.Greece's austerity measures have sparked protests and nationwide strikes.
European Union rules state that no nation in the euro bloc should have an annual budget deficit which is higher than 3% of its gross domestic product.European Union rules state that no nation in the euro bloc should have an annual budget deficit which is higher than 3% of its gross domestic product.
Greece has pledged to reduce its deficit from 12.7% to 8.7% during 2010.Greece has pledged to reduce its deficit from 12.7% to 8.7% during 2010.
Its long-term deficit-cutting plan aims to reduce the budget shortfall drastically, to less than 3% by 2012. Its long-term deficit-cutting plan aims to cut the budget shortfall drastically, to less than 3% by 2012.
Concerns about its giant debts currently make it more expensive for Greece to borrow money compared to most other European nations.Concerns about its giant debts currently make it more expensive for Greece to borrow money compared to most other European nations.