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Deal reached over Greece's debts | Deal reached over Greece's debts |
(30 minutes later) | |
France and Germany have reached a deal on a financing plan to help debt-laden Greece, which will include IMF help. | France and Germany have reached a deal on a financing plan to help debt-laden Greece, which will include IMF help. |
Officials in Brussels say the package - yet to be agreed by other eurozone states - will total 23bn euros (£21bn). | Officials in Brussels say the package - yet to be agreed by other eurozone states - will total 23bn euros (£21bn). |
The French presidency said there would be "very precise conditions" under which the 16 eurozone countries "could be led to intervene" to help Greece. | The French presidency said there would be "very precise conditions" under which the 16 eurozone countries "could be led to intervene" to help Greece. |
Co-ordinated bilateral loans and IMF loans are envisaged. EU leaders are now poised to discuss the plan. | Co-ordinated bilateral loans and IMF loans are envisaged. EU leaders are now poised to discuss the plan. |
News of the deal broke as leaders of the 27 EU member states gathered for a two-day summit in Brussels. | News of the deal broke as leaders of the 27 EU member states gathered for a two-day summit in Brussels. |
Diplomats say the eurozone leaders may hold an additional meeting on Thursday evening to discuss how to help Greece. | Diplomats say the eurozone leaders may hold an additional meeting on Thursday evening to discuss how to help Greece. |
So far the eurozone has avoided seeking an IMF loan for Greece, preferring a European solution and anxious to maintain global confidence in the euro. | |
Revision of rules? | |
Earlier on Thursday Germany's Chancellor Angela Merkel said the German government "will press for emergency aid combining IMF and joint bilateral aid from the eurozone but... only as a last resort". | Earlier on Thursday Germany's Chancellor Angela Merkel said the German government "will press for emergency aid combining IMF and joint bilateral aid from the eurozone but... only as a last resort". |
What seems to be emerging is that Germany wants to use the crisis with Greece to bend the eurozone more to its own image Gavin HewittBBC Europe editor Blog: Stop cooking the books | |
She has signalled reluctance to offer Greece anything resembling a bail-out, which is not allowed under the single currency rules. | She has signalled reluctance to offer Greece anything resembling a bail-out, which is not allowed under the single currency rules. |
She said Greece was not insolvent, was acting to curb its deficit and was still able to raise money on international markets. | She said Greece was not insolvent, was acting to curb its deficit and was still able to raise money on international markets. |
She also said she would press for the EU to amend its treaties to strengthen its ability to prevent future budget crises. | She also said she would press for the EU to amend its treaties to strengthen its ability to prevent future budget crises. |
Stressing the need to learn lessons from the crisis, she wants a treaty change to allow sanctions to come into force should a eurozone country ever default on its debts. | |
Arriving at the summit, Greek Prime Minister George Papandreou urged EU leaders to act to stabilise the euro. | Arriving at the summit, Greek Prime Minister George Papandreou urged EU leaders to act to stabilise the euro. |
The euro hit a 10-month low against the dollar on Wednesday after a credit downgrade for Portugal, which is also struggling with heavy debts. | The euro hit a 10-month low against the dollar on Wednesday after a credit downgrade for Portugal, which is also struggling with heavy debts. |