Euro zone agreed to aid Greece, if needed. by Milota Sidorova

European leaders have agreed the next steps towards Greece on yesterday's summit in Brussels.As expected the main question was whether members of eurozone would offer supporting loan to the country able to crack down the common European currency.Greece that was missing more than 22 billion euro before summer, however didn't asked for this help. So far it has been reluctant to get a loan from International Monetary Fund, members of euro zone or Chinese investors. Greek government prepared a package of saving procedures in the country. Among the major cuts were decreasing numbers of state employees, cutting down benefits, freezing retirements and increasing the entrance age o! f retirement.Greek Prime Minister George Papandreou expressed satisfaction, because if the package wouldn't work, the country's economy was still covered with the amount of money.Representatives of euro zone agreed they would offer combined loan with the share of IMF. There's been also calls to drop off IMF, but european leaders explained, eurozone was one of the biggest IMF donors. The aid is conditioned by approval of the biggest European economy – Germany with the right to veto the process. Leaders also agreed on putting tougher economy discipline rules on all members using the common currency.Right now, it seems euro zone is doing everything to save the image of the currency. Two days ago, euro hit 10-month low against dollar and lifetime low against Swiss franc. The next meeting of 16 members of euro zone is expected to happen in the nearest future but the talks of international aid should be extended to all 27 members of European Union.

related story (sgx16859): http://www.france24.com/en/20100325-eurozone-leaders-agree-r...

by Milota Sidorova for Cantell TV (http://cantell.tv)

Cantell TV is the fastest growing provider of digital broadcasting coupled with telecommunications, allowing people to easily control, view, upload and share digital content through proprietary interface coupled with free phone calls. Cantell TV is committed to delivering infinite choices to your world of entertainment at the tip of your fingers.