EU Greek bail out package comes with conditions

President of European parliament Jerzy Buzek with PM Donald Tusk; photo - EPA

Poland's prime Mminister Donald Tusk said on Thursday that Poland will not block aid mechanisms for Greece.

"If Europe adopts this principle then Poland will participate in this form of assistance," Tusk said yesterday at the two-day summit.

Though not yet part of the Euro Zone, Poland signed up to the European Financial Stability Mechanism (EFSM) system, which will will releasee another 12 billion-euro instalment from the current 110 billion euro bail-out package provided by the EU and the International Monetary Fund.

To be elligable for the bail out the Greek parliament has to pass new austerity measures next week, amid widespread protests and strikes against the measure.
Greece's government is proposing additional spending cuts worth 28 billion euros over five years.

If the vote does not pass in Athens then Greece will not be able to meet debt payments in July.

EU finance commissioner Olli Rehn said the bottom line for Greece was that the EU was ready to help the country return to growth “but the first thing is that Greece must help itself, so that the other Europeans can help Greece”.
The summit continues today. (pg)