European Union, Greek Debt Crisis | 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.

Greece reached agreement with the European Union and the International Monetary Fund on rescue loans to keep Athens from defaulting on its debts, a deal that will impose harsh cuts on the county's 11 million people for years.

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.