Accessibility links

Leading G-20 Members Support Greek Aid Package


Leading members of the Group of 20 industrial and developing nations have expressed support for a proposed $146 billion aid package for Greece.

The finance ministers of Britain, Canada, France, South Korea and the United States issued a statement Monday saying the package "merits the support of the international community."

Also on Monday, the cabinet of German Chancellor Angela Merkel approved legislation that would contribute $29.6 billion in German funding to the aid package.

The draft legislation now must clear both houses of the German parliament, and is on a fast track to do so by Friday.

The European Union and the International Monetary Fund announced the $146 billion aid package for Greece on Sunday.

That loan package requires the Athens government to enact wide-ranging austerity measures, including spending cuts and tax increases. The bailout is expected to be endorsed by European leaders at a summit later this month.

Politicians and investors are worried that economic problems could spread throughout the EU if Greece fails to make a scheduled debt repayment later this month. Those concerns grew in the past week when a key credit rating agency, Standard and Poor's, downgraded its credit ratings for Greece, Portugal and Spain.

Some information for this report was provided by DPA and Reuters.

XS
SM
MD
LG