Two stepsAlso remains to finetune amounts

Experts from the international monetary Fund (IMF) and the Commission met, yesterday afternoon in Brussels to discuss the modalities of the joint program with the Greece may require activation. Impossible for the latter to arbitrate between partners of the euro area loans (two thirds of the total) and the IMF (which will provide the remaining one-third): it is the special feature of this joint venture.

But each component will be the rate of interest: that of bilateral loans granted by the countries of the euro area should around 5, when the calls for the IMF should be lower. "The IMF will follow its p own formula, returning to its Board of Directors decision", said Sunday the European Commissioner for economic and Monetary Affairs Olli Rehn. Conditions required in return for the aid, "is difficult to imagine that they are different for the IMF and the countries of the euro area, yesterday explained a diplomat." "The goal of everyone, is that the assistance plan be fully articulated".

Two steps

Also remains to fine-tune amounts. Yesterday, the figure of EUR 80 billion for the whole of the IMF-zone euro three-year plan, put forward by the Greek press, has been described as "pure speculation" by the spokesman of Olli Rehn. "The only figure on the table for the moment is a line of loans of 30 billion of the countries of the eurozone for the first year, he said. It could increase taking into account the second and third years, but this has not yet been decided. "Because the assistance to the Greece plan, if finally he took body, requires even two steps before be raised: first, an explicit request of the Greek Government. However, on Sunday night, Finance Minister George Papaconstantinou recalled that his Government had "not requested the activation of the mechanism ...." "We believe that we can continue to borrow without interference in markets." In his entourage, indicated that he would wait a few days to measure the reaction of markets to this agreement before deciding if he would formally request the assistance of the Union.

Then, it will be the green light of the countries of the euro, probably at the level of Heads of State and Government, as indicated yesterday a spokesman for the German Government. In Berlin, the aid was still considered hypothetical. Pressed by its partners and concerned about the deterioration of the situation of the Greece, prejudicial to the eurozone, Chancellor Angela Merkel would have preferred not to have to intervene. If the plan is fired, Berlin will indeed have to lend 8.4 billion in the Greece, a sum calculated in proportion to its participation in the capital of the European Central Bank (ECB). The France second shareholder of the ECB will pay 6 billion, followed by the Italy (5.35 billion) and Spain (3.6 billion). Only the countries of the euro area will participate in the rescue of the Greece. But all will, including the Spain and the Portugal, but in a delicate financial situation. As the IMF, who was willing, Sunday, by the voice of its Director General, Dominique Strauss-Kahn, to "join" to the European effort, it should be "quickly", according to the European Commission.