EU chiefs agree £95bn bail-out for Greece

The loans are aimed at keeping the financially struggling country from defaulting on its debts and dealing a serious blow to the shared euro currency.

The head of the group, Luxembourg's Jean-Claude Juncker, said yesterday that the plan will still need approval by some countries' parliaments before debt-ridden Greece can receive the first funds.

But Mr Juncker said the first loan money will get to Greece before May 19, so Greece can pay off on 8.5bn euros-worth (7.5bn) of 10-year bonds that are maturing then.

Spanish finance minister Elena Salgado noted that Greece was a "special case" because the country has admitted faking its budget statistics in past years.

"The Greek case is a very special case," she said, "in the sense that many things have happened in Greece, of course the statistics, of course the deficit for a very long period, so nothing compares to other countries."

"Today, we have activated the mechanism and national procedures will take place," added Ms Salgado.

Mr Juncker said the eurozone would contribute 80bn euros (69bn) to the package, with 30bn euros (26bn) of that to be made available this year.