EU announces rescue plan for Greek economy
Jose Manual Barrosso.
The European Commission has announced plans this evening to come to the rescue of crisis-hit Greece and avert the growing risk of the collapse of the euro.
Amid signs Greece is planning to take its troubles to the International Monetary Fund, Commission president Jose Manuel Barroso has proposed a solution to keep the problem within the EU ''family''.
He said Brussels would be putting forward ''an instrument for co-ordinated assistance'' to Greece when EU leaders meet for a summit in Brussels next week.
The plan is ''a system of co-ordinated bilateral loans'' to Greece from other single currency member states and it comes with strict conditions attached.
