Eurozone finance ministers meeting in Luxembourg on Monday said that a European bailout fund, dubbed the European Stability Mechanism, was operational but made no decisions on Greece.
Ministers said the next move on Greece was expected from the country’s so-called troika of international lenders once negotiations on a 13.5-billion-euro austerity package have been completed.
Luxembourg’s Finance Minister Luc Frieden recognized that Greece is making “a lot of effort.”
“It’s very difficult down there,” Bloomberg quoted him as saying. “If we need to give them additional time, if that does not require a lot of additional money, we should support Greece. However it is not a one-way street,” he was quoted as saying.