President of the European Commission Jose Manuel Barroso Monday expressed his confidence that a second financial rescue package for Greece will be approved.
“Regarding a second program for Greece, certainly yes, we are expecting it to be approved, not only by Germany, but also by all the Member States of the euro area. And, of course, by Greece itself,” he told journalist after a meeting with Horst Seehofer, Minister-President of the German state of Bavaria.
“Greece has to continue the efforts to create the confidence of the financial markets,” added Barroso.
Greece last year received a 110 billion euro bailout from the EU and the IMF to overcome its crisis but the economic
situation in the country continues to deteriorate.
Meanwhile, finance ministers of the 17-member Eurogroup Monday night were continuing their discussions on Greece amid fears that the crisis could spread to other eurozone countries which led to a fall in stock market prices in Italy, Germany, France and the UK.