EUROPEAN Union leaders will lay the groundwork for a financial rescue of Greece at a summit today, but any support is likely to require a big commitment from Athens on getting its economy in order.
Germany and possibly France are expected to take the lead in any aid package the EU draws up to help Greece weather its mounting debt and deficit crisis, although the structure, size, nature and any conditions attached to a deal remain unclear.
“We have to help Greece, and Europe will do it as well as the Eurogroup,” Spanish Prime Minister Jose Luis Zapatero said yesterday, referring to a meeting of EU finance ministers on Monday, when details of any plan are likely to be decided.
Meanwhile Bank of England governor Mervyn King has hit back at those who have warned that the UK, with its soaring budget deficit, could go the same way as Greece. He said: “You can’t compare Britain to Greece.”