Euro-zone officials approve emergency aid for Greece

04/12/2010 | Reuters · Wall Street Journal, The · Bloomberg

Finance ministers from across the euro zone approved a massive emergency aid package for Greece to stabilise markets, but officials reiterated that Greek leaders have not asked for the plans to be activated. Including funds from the International Monetary Fund, the package could be worth as much as €45 billion. "This is a huge amount," said Stephen Jen, managing director at BlueGold Capital Management. "This is more than a bazooka. They have gone nuclear on the issue of Greece. In the short run the market is short Greek assets so we'll get a rally in those."

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