EU Finance ministers agree on emergency measures

European Union (EU) finance ministers have agreed on emergency measures worth €500 billion to prevent the Greek debt crisis from affecting other countries.



The 16 members of the single currency bloc will have access to €440 billion of loan guarantees and €60 billion of emergency European Commission funding.



The International Monetary Fund will also contribute up to €220 billion.



Economic Affairs Commissioner, Olli Rehn, says the agreement proves that the leadership of the EU will defend the euro whatever it takes.



There had been fears that without the measures, the euro might have come under heavy pressure on financial markets as investors grew concerned about financially-troubled states such as Portugal.