The sixteen leaders of the euro area countries, also known as "Eurogroup" have given their support to the financial aid mechanism for Greece; this involves the participation of the International Monetary Fund (IMF) and of the euro area countries through bilateral loans.

The agreement to help Greece in its economic recovery has been reached in a Eurogroup meeting that took place during a break in the spring European Council, in which the "Europe 2020" economic growth strategy is being studied.

With this agreement, a "majority" of Eurozone states - participation is voluntary - will contribute the largest part should Greece eventually need help. That is, if it does not succeed in obtaining loans in the financial markets. According to the joint statement of the Heads of State and Government of the euro area countries, each country will contribute an amount proportional to its gross domestic product and its total population. This follows the statement, made in February by EU heads of state and governmentpledged, where they pledged to help Greece tackle its debt crisis, if needed.

The European Commission and the European Central Bank will be responsible for monitoring Greece's compliance with all the conditions imposed for the different loans it receives. In tandem with this, the agreement provides for a strengthening of the Stability Pact (fiscal supervision of euro member countries, including penalties for non compliance with the conditions of the Pact).

In their joint statement, which can be accessed in the European Council website, Eurogroup leaders show their commitment to "promote a strong coordination of economic policies in Europe. We consider that the European Council must improve the economic governance of the European Union and we propose to increase its role in economic coordination and the definition of the European Union growth strategy."