The Euro Tower in Frankfurt, Germany, home of the European Central Bank.
The 16 nations that use the euro have just revealed an aid package of up to $40 billion in an effort to stem the Greek financial crisis. Finance ministers see the offer as a “step of clarification” for markets and a boost for the faltering euro. —JCL
The New York Times:
A financial rescue of the debt-laden Greek economy moved into focus Sunday when the 16 nations that use the euro offered to loan Athens up to €30 billion at rates far below what the debt-laden country is paying now.
The decision, made after a telephone conference of euro-zone finance minister, provides for the first time the details sought by Greece — and the financial markets — over how an emergency aid package would be structured.
Greece has so far not formally requested aid from the European Union, whose heads of government still have to sign off on the plan before it comes into force.