BRUSSELS, May 10 -- European Union (EU) finance ministers agreed early Monday on an unprecedented rescue mechanism worth up to 750 billion euros (956 billion U.S. dollars) to prevent spread of the Greek debt crisis and rebuild confidence in financial markets.
At the news conference following the extraordinary meeting, European Economic and Monetary Affairs Commissioner Olli Rehn said that finance ministers decided to create a European Financial Stabilization mechanism to preserve financial stability in Europe.
He said the mechanism, mainly based on the European Commission's proposal, was "not only about Greece, but also about the euro area as a whole" and show EU's determination to "defend the euro whatever it takes." |
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