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Ecofin unlikely to act on Greek aid next week -source

Published 02/12/2010, 05:16 AM
Updated 02/12/2010, 05:21 AM

(This story is filed without a dateline to protect the source's anonymity)

Feb 12 (Reuters) - Next week's European Union finance minister meeting is unlikely to decide an aid package for Greece, but adverse market reactions could trigger a decision at any time, an EU government source told Reuters on Friday.

"I wouldn't expect anything (concrete on financial aid) at the Ecofin next week," said the source, who requested anonymity because it was not authorised to make statements about Thursday's EU summit.

"The ball is in the Greeks' court now. They have protests at home, they have presented a programme that the market as well as the Commission see critically, they need to build up credibility," said the source.

"But if the market reacts aggressively, if the pressure on Greek bonds gets huge, then it can go very quickly," said the source. "The trigger for possible financial aid will be the market reaction, and whether it raises the risk of Greece going bankrupt."

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