Eu, Greek Debt | featured news

The European Union agreed on a 500 billion-euro ($670 billion) emergency fund in the early hours of Monday to protect highly indebted eurozone countries from the "wolfpack" of financial markets.

The International Monetary Fund on Sunday approved a 30 billion euro ($38.6 billion) loan for Greece as part of a larger European Union-led effort to help ease the country's economic crisis.

Chancellor Angela Merkel of Germany said that Greece should solve its own problems, ahead of a summit meeting scheduled for Thursday.

European finance ministers said in a statement that Greece must show by March 16 that it is on track to cut its deficit.

European leaders have reached a deal to provide aid to Greece, EU president Herman Van Rompuy said on Thursday, in an unprecedented move to stave off a broader crisis in the 16-nation bloc that shares the euro.