Greece pressed to spell out savings package

THE European Commission pressed Greece to spell out “key elements” of a new savings package, such as the timetable for state asset sales, in order to qualify for the next aid installment.

Stabilising Greece’s situation is the “immediate challenge” facing European officials who are grappling with the debt crisis and trying to prevent contagion from any “uncontrolled default,” EU Economic and Monetary Affairs Commissioner Olli Rehn said in a speech in Washington yesterday.

“A condition for the new programme is that Greece implements all the corrective measures required, without any wavering,” Mr Rehn said.