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Eurozone Commited to Stability - Christofias

greece crisisLeaders of the 16 EU member states that use the euro have reaffirmed their commitment to stability and approved a 110 billion euro loan to Greece to prevent it from defaulting on its 300 billion euros of national debt.

"We will take all necessary measures to achieve financial targets this year and on a European mechanism to maintain financial stability in Europe," said Christofias in a statement from Brussels.

European Commission President Jose Manuel Barroso said the eurozone would do whatever it took to safeguard Greece's financial stability.

The eurozone leaders also announced proposals for a European Stabilisation Mechanism to preserve financial stability.

Finance ministers have an emergency meeting tomorrow, Sunday, to discuss crisis management and financial supervision in the euro area.

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