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EU Official: Deal On Greece Aid Ready In Few Days

European Commissioner Olli Rehn

European Commissioner Olli Rehn

A senior European Union official says the EU is on the verge of agreeing the details of an emergency plan to rescue Greece's economy.

European Commissioner for Economic and Monetary Affairs Olli Rehn said at a news briefing in Brussels today that he was "confident the talks will be concluded in the next days. The outcome will be a multi-annual program that will lead to a major fiscal and also structural adjustment."

In Berlin, German Chancellor Angela Merkel, who has pushed for strict conditions on help for Greece, said that Germany will help "as soon as the conditions have been met." She said results from the negotiations are expected "in a few days." Germany would provide the biggest share of the aid package.

There has been increasing concern that the Greek debt crisis would affect other weak economies among the 16 nations using the euro after a major international rating agency cut Spain's credit ratings on April 28. A day earlier, Greece's debt was rated as "junk," and Portugal was also downgraded.

compiled from agency reports