14 March, 2011
The heads of States and Governments of the Euro area who convened in Brussels on March 11 endorsed a "Pact for the Euro,
" establishing a stronger economic policy for competitiveness and convergence, which will be presented to the European Council of March 24-25.
The Eurozone leaders also welcomed the progress made in the implementation of the on-going EU/IMF programmes in Greece and Ireland.
More specifically, regarding Greece’s EU/IMF loan, Eurozone leaders agreed
to extend the repayment period to 7.5 years - from 3 years - and to slash the interest rate to 4.8% from 5.8%.
Moreover, bailed-out EU countries, such as Greece, can sell their bonds directly the European Financial Stability Facility if they are unable to tap the international bond market.
"Historic decisions were taken about the future of the Eurozone. We made a big step towards addressing the debt crisis, to restore calm to markets, to put the foundations for a more competitive Europe," Prime Minister George Papandreou told reporters
following the meeting.
Source: GREEK NEWS AGENDA issued by the Secretariat Genera