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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Sitemap Juncker 'reassured' by markets over EU Greek bailout AFP - 1 hour 17 minutes ago Send IM Story Print LUXEMBOURG (AFP) - – The finance chief for the 16 euro countries, Luxembourg premier Jean-Claude Juncker, said on Tuesday he was "reassured" by market reaction to a 30-billion-euro backstop Greek bailout. "We took the right decision on Sunday ... I am reassured by the reactions of markets since," Juncker told AFP in his Luxembourg offices. He was referring to a firming of the euro against the dollar on Monday and a fall well below 7.0 percent for the interest rates that debt-stricken Greece must pay to borrow on bond markets. Juncker, the formal head of the euro finance ministers grouping, will hear from his peers in Spain on Friday as they assess political progress on activating the plan, aimed at calming market fears of Greek default and preventing the euro currency from entering freefall against the dollar. Dismissing fresh doubts surfacing among analysts over the scheme's readiness and scale, he said he was pleased that a Greek government auction of short-term loan notes on Tuesday had been "oversubscribed at acceptable rates." Dangling a return of over more than 4.0 percent, Athens raised 1.56 billion euros (2.12 billion dollars) from short-term treasury bills compared to an initial target of 1.2 billion euros. The loan drive resulted in a rate of 4.55 percent on the six-month bill, still more than three times that paid in January. Juncker said Europe would have to "wait several days" to reach a "definitive" judgment on how the rescue plan, which would involve another 15 billion euros in loans this year from the International Monetary Fund subject to ongoing negotiations, had been received "in its entirety." Maintaining that he had no concern with variations in rates or additional conditions that could be demanded by the IMF, he said he was "not going to speculate as to an eventual Greek decision to ask for funds. "I still hope -- I am practically convinced -- that Greece, given the healthy reception on markets, will not be faced with financing difficulties in the immediate period ahead," he stressed. Greek Prime Minister George Papandreou said on Tuesday that the fall-back EU loans would allow his recession-hit country to focus on overhauling its economy. "Regardless of whether we use this mechanism or not -- and this is something that will be evaluated -- this is a safety net for our country which will allow us to do our work with greater peace of mind," he said. However, if markets initially adjusted in a favourable sense, they did so only lightly -- with fears entrenched among traders, analysts and leading academics that fiscal problems in Spain or Portugal may further test eurozone cohesion and political will. Nevertheless, Juncker said he could "not see Spain and Portugal hitting such choppy waters as Greece," whose problems he admitted were "far from resolved." Besides, Juncker was adamant that obstacles to monies physically changing hands -- key regional elections in Germany on May 9 and a hamstrung Dutch interim government through until June -- need not be seen as significant blocks. As Europe's biggest economy, Germany would be expected to cough up more than a quarter of the European total, some 8.4 billion euros. Yet Berlin said on Monday that the political agreement to offer 36-month loans at roughly five percent should be seen more as a "fire extinguisher" mounted on a wall, not intended for use. Juncker said Germany had given a "constructive" commitment to participate under a "unanimous decision." He underlined: "I cannot see any risk from any German nuance, in terms of its impact on the plan as drawn up." Of other hurdles, he also said that while "a certain number of countries will have to go through their parliaments," there was agreement that "that will not obstruct the triggering of the mechanism if certain members are not yet ready at the required moment." Greece has already enacted savage budget cuts and raised a slew of taxes in the face of total debts of about 300 billion euros. Athens has to find around 11.5 billion euros by next month, part of about 54 billion euros needed for all this year to cover debt and budget needs. 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