Eurogroup sees no need of financial aid to Greece

Prime Minister of Luxembourg and President of Euro Group Jean-Claude Juncker (R) and EU Commissioner for Economic and Monetary Affairs Olli Rehn attend a press conference after the Euro Group finance ministers meeting at the EU headquarters in Brussels, Belgium, March 15, 2010. (Xinhua/Wu Wei)

Prime Minister of Luxembourg and President of Euro Group Jean-Claude Juncker reacts during a press conference after the Euro Group finance ministers meeting at the EU headquarters in Brussels, Belgium, March 15, 2010. (Xinhua/Wu Wei)

Prime Minister of Luxembourg and President of Euro Group Jean-Claude Juncker (R) talks with EU Commissioner for Economic and Monetary Affairs Olli Rehn during a press conference after the Euro Group finance ministers meeting at the EU headquarters in Brussels, Belgium, March 15, 2010. (Xinhua/Wu Wei)

Prime Minister of Luxembourg and President of Euro Group Jean-Claude Juncker reacts during a press conference after the Euro Group finance ministers meeting at the EU headquarters in Brussels, Belgium, March 15, 2010. (Xinhua/Wu Wei)

Prime Minister of Luxembourg and President of Euro Group Jean-Claude Juncker attends a press conference after the Euro Group finance ministers meeting at the EU headquarters in Brussels, Belgium, March 15, 2010. (Xinhua/Wu Wei)

BRUSSELS, March 15 (Xinhua) -- Finance ministers of the Eurozone Monday insisted that there is no need to offer financial aid to Greece right now, but said that the group is considering a mechanism to help the country in the case of need.

At a press conference held after the monthly meeting of the ministers, Eurogroup Chairman Jean-Claude Juncker said that the measures announced by the Greek government are sufficient to safeguard the 2010 budgetary targets.

"We think the consolidation measures are an important contribution to the improvement of the fiscal situation in Greece, " he said.

Juncker said that the ministers are convinced that the measures announced by the Greek government are "credible" and therefore there is no need to offer financial aid to the country.

At the press conference, Commissioner for Economic and Monetary Affairs of the European Union (EU) Olli Rehn also said: "The Greek government have taken bold additional measures, which mean that Greece is now on track to reach 4 percent deficit reduction."

However, Juncker reiterated that eurozone member states will take determined and coordinated action, if needed, to help Greece as decided at the informal summit of the European Council in February.

As to how to help Greece, Juncker said that the final decision would be taken by the European Council.