Greece to Seek Details on Loans From Europe

Greece received a welcome vote of confidence on Tuesday from the rating agency Standard & Poor’s for its deficit-reduction efforts, but the country was still pressing for details on a new loan rescue package from fellow euro-zone members, which remain divided over how it might work, Stephen Castle reports in The New York Times.

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The Greek government is expected to seek further details on the shape of the new loan mechanism when European Union heads of government gather next week for a scheduled meeting, two European diplomats said after a meeting on Tuesday of all 27 European Union finance ministers. They spoke on condition of anonymity because of the sensitivity of the issue.

Debate has yet to be resolved on whether loans would be offered on an ad hoc basis by a coalition of willing countries — Germany’s preference — or whether the European Commission in Brussels would create a fund, backed by euro-zone members, that would extend the loans to Athens, the diplomats said.

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http://dealbook.blogs.nytimes.com/2010/03/17/greece-to-seek-details-on-loans-from-europe/