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    EU Countries Ready to Support Greece Upon Financial Assistance Deal Expiry

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    Financial crisis in Greece (197)

    The eurozone countries are ready to support Greece after the current financial arrangement between Greece and the European Financial Stability Facility (EFSF) expires, a joint ministerial statement said Saturday.

    MOSCOW (Sputnik) — The current EFSF assistance program for Greece expires on June 30.

    "We stand ready to assist and support Greece and the Greek people as required, following the expiration of the EFSF financial arrangement," the ministers from 18 euro area member states and the institutions said in the statement.

    The statement was adopted by ministers from the euro area member states, except Greece.

    Greece was particularly hard-hit by the aftereffects of the 2008-2009 world economic crisis. International lenders, including the International Monetary Fund (IMF), the European Union countries and the European Central Bank (ECB) offered large loans to the country. The bailout multiplied by the mismanagement by previous Greek governments resulted in Athens' multibillion-dollar debt.

    Athens and its major international creditors have until Tuesday to agree on financial aid package for Greece before the June 30 deadline of the current bailout program expires.

    The same day, Greece must deliver the $1.7-billion payment to the IMF. If Athens fails to do so, it may default and exit eurozone.

    Financial crisis in Greece (197)


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