European countries offer $61 billion loan to Greece

By Altaf Ahmed
European governments have offered a rescue package to Greece worth about 45 billion Euros ( $61 billion ) on lower interest to help country out of financial crisis. The loan is on the condition if Greek government decides to accept for help. It is not yet clear if Greek government has accepted the proposal.

The details of the aid package, consisting of loans closed with a favorable interest rate, were completed in a video conference that brought together finance ministers from the countries of the euro area. The purpose of the loan is to reassure financial markets and prevent the bankruptcy of the country.

The chairman of the eurozone and prime minister of Luxembourg, Jean-Claude Juncker, announced the aid package to Greece. He said to reporters in Brussels today “This is a step of clarification that markets are waiting for — it shows there is money behind this,”. “The initiative for activating the mechanism rests with the Greek government.” He further said.