European Union finance ministers have agreed on emergency measures worth 500 billion euros to prevent Greece's debt crisis from causing turmoil in other euro zone countries.
After 11 hours of talks, EU finance ministers agreed on a much bigger financial contribution than in any of their previous deals to calm the financial markets and prevent a Greek debt contagion.
The package will be a mix of loans and guarantees with the backing of the IMF, much like the one struck for Greece but just much bigger.
European Commissioner for Economic and Monetary affairs, Olli Rehn, said the aid would be triggered according to the EU rules that, in exceptional circumstances beyond a member state's control, the Lisbon Treaty does provide for financial support.
He said the current problems were a systemic challenge to financial stability in the euro area and that the threat was not just against one member state but a threat to the stability of the euro-area, as well as the whole of the EU.
