Greece welcomes emergency loan pledge from EU

Greece's finance ministry today welcomed a strategy agreement from European Union finance ministers as to how they would grant emergency loans for Athens if its austerity package fails to work.

While no numbers were put on the size of potential loans, the talks did clarify the technical arrangements so such loans could rapidly be implemented in an emergency.

The ministers were meeting again today to add further details to the plan but Germany and Spain repeated that Greece did not need help for now.

Greece's finance ministry said the aid would be granted on reasonable rates and that its repayment costs on debt would improve.

Greece also welcomed Standard & Poor's decision today to affirm its debt rating and lower the threat of a downgrade.

"We are expecting similar moves from other rating agencies," said deputy finance minister Philippos Sachinidis.

Fitch Ratings and Moody's both have Greece on negative outlook.