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Eurogroup says it will help reduce Greece debt

EUROGROUP chairman Jean-Claude Juncker said eurozone finance ministers will help Greece to reduce its debt pile as they studied options facing the struggling country yesterday.

Although he did not go into detail, Juncker said the support will most likely come in the form of bi-lateral loans and that the final decision would be up to the European Council.

He said: “The message we are sending to the markets is that we are convinced the measures taken by Greece are credible. The final decision is up to the European Council.”

Juncker spoke to the Eurogroup, which consists of finance ministers from 16 different countries that use the euro.

The European Council is set to meet on 25 and 26 March to discuss the Greek situation and will have the final say on any aid.