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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 Fresh doubts hit Europe's Greek bailout offer AFP - Tuesday, April 13 Send IM Story Print BRUSSELS (AFP) - – Fresh doubts emerged on Monday over the readiness and scale of a European financial rescue package for debt-stricken Greece, taking the shine off early enthusiasm seen in a rising euro. The single currency surged to 1.3692 dollars but fell back to 1.3588 dollars late afternoon following Sunday's agreement by Greece's 15 euro partners to offer 30 billion euros (41 billion dollars) in loans over the course of 2010. European stock markets also gave up initial gains, and while Greece's borrowing rate dropped under seven percent to 6.637 percent, comments from Germany fuelled analysts' doubts over how and when the aid could become a reality. On Tuesday the Greek government faces a key test of its credibility as it intends to issue short-term treasury bills worth 1.2 billion euros. As Europe's biggest economy, Germany would be expected to cough up more than a quarter of the European total, but Berlin said the 36-month loans at a roughly five percent rate would only ever materialise as a "last resort." What eurozone countries could pay to rescue Greece Greece itself has said it hopes to be able to cope without the loans. "The fact that a fire extinguisher has been mounted on the wall does not mean that it will be used," Chancellor Angela Merkel's spokesman Christoph Steegmans told a regular briefing in Berlin. Berlin stressed that any bailout would first have to be agreed at an EU summit, with Greece's 15 partners in the eurozone each having to pass a series of domestic political hurdles. Key regional elections in Germany on May 9 and a hamstrung Dutch interim government, which has to abide by a parliamentary refusal to pay up ahead of a fresh vote there in June, present significant blocks. Based on capital shares at the European Central Bank, the Netherlands would be due to contribute around 1.8 billion euros. France's share would be pegged at six billion, Italy's at 5.4 billion and deficit-ridden Spain's being 3.675 billion. EU officials said the International Monetary Fund could contribute an extra 15 billion euros, with preparatory talks getting under way in Brussels on Monday. However, it was not immediately clear whether Greece could turn to the IMF for loan assistance without first having crossed all the hurdles holding up EU aid. While IMF chief Dominique Strauss-Kahn said the Fund "stands ready to join the effort," his officials have yet to spell out its conditions. European Commission spokesman Amadeu Altafaj Tardio dismissed as "pure speculation" reports from Athens citing a total 80-billion-euro pot including loans pencilled in for 2011 and 2012 that have not yet been unveiled. The Greek government has yet to request the cash, a decision that must first be validated by the European Commission and the ECB. ECB head Jean-Claude Trichet, who earlier voiced concern about IMF involvement, described the eurozone deal as "positive." But analysts were more cautious, with Barclays Capital bank warning the agreement "allows Greece to build up further debt." It doubted if or when the German parliament would approve the terms and asked whether the EU-IMF loans, if made, would rank before other bonds in the event of default. While Greek daily Eleftherotypia described the offer as an "oxygen tank," Financial Times commentator Wolfgang Munchau thought that "Greece will eventually default." Daragh Maher, an analyst at French bank Credit Agricole, wondered "how long will it be until the market focuses its attention on other weak fiscal stories within the eurozone." Although Tokyo, Hong Kong and Sydney each posted strong gains, London's benchmark FTSE 100 index inched up just 0.12 percent, while the Paris CAC 40 was virtually unchanged and the Frankfurt DAX was also flat. 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 a total 54 billion euros needed this year to cover its obligations. 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