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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 Greece sets stage for possible EU-IMF bailout AFP - Saturday, April 17 Send IM Story Print ATHENS (AFP) - – Greece said Friday it was preparing the ground for possible EU-IMF emergency debt relief worth billions of euros as it announced another bid to raise fresh money on its own. "We are making all the preparatory moves," Prime Minister George Papandreou told lawmakers in Athens. "The activation of the EU-IMF assistance will be determined by national interest." His comments came ahead of crucial talks in Athens Monday on details of the proposed rescue scheme with officials from the European Union and the International Monetary Fund. The EU earlier this month agreed to lend Greece 30 billion euros (41 billion dollars) this year at a below market rate of around 5.0 percent to help the country shake off a crippling debt burden. What eurozone countries could pay to rescue Greece Another 15 billion euros could be provided by the IMF. EU and Greek officials had hoped the aid safety net would reassure investors on Greece's solvency and enable the country to borrow critically needed funds at rates similar to other eurozone members. But in the five days since the deal was disclosed, the interest Greece would have to pay on newly issued bonds has stayed stubbornly high as doubts have grown on its efficacy. The yield on the 10-year Greek sovereign bond had risen to 7.366 percent on Friday afternoon after 7.123 percent late Thursday. The Greek debt management agency meanwhile announced a bid to raise 1.5 billion euros (2.0 billion dollars) via an auction of 13-week treasury bills on Tuesday. Athens has to find around 10 billion euros by the end of next month, part of about 54 billion euros needed for all this year to cover debt and budget needs. Greece's total debts come to about 300 billion euros. Last week it drew strong demand for a test debt issue but had to offer high interest rates despite the stand-by rescue guarantee from the eurozone. Dangling a return of over more than 4.0 percent, Athens raised 1.56 billion euros (2.12 billion dollars) from six-month and one-year treasury bills compared to an initial target of 1.2 billion euros. The EU-IMF aid initiative faces major obstacles, notably as parliamentary approval will be required in some countries and public opposition is running high in Germany, Europe's biggest economy and the main potential contributor to the loans. "It is unclear whether the Greeks first need to be staring into the abyss of a failed bond issue before they can draw on eurozone funding or if they can simply go for the cheapest price when it suits them," analysts at ING bank said. "Markets seem to expect the latter." ING also cautioned that eurozone governments "still have not officially decided to actually provide the aid." Greek newspapers reported that the loans would likely be conditional on further budget cutbacks, including wage cuts in the private sector, a cap on pensions and the closure of some public services and state companies. "The time for talking is over. The time for painful reality is upon us," the Kathimerini daily said in an editorial. Related article: Greek crisis has been 'defused': ECB board member Eurozone finance officials meeting in Madrid Friday meanwhile sought to play down the potential for any immediate request for the aid from Greece. "Greece has taken the first steps, but it's up to them to continue," Spanish Finance Minister Elena Salgado. Jean-Claude Juncker, head of the Eurogroup of finance ministers, stressed that Greece had yet to make any formal request for aid. The bailout for Greece, which has the highest budget deficit in the euro area, would be the first time a eurozone member had to be rescued in this way. Analysts have said the debt trouble afflicting Greece and some other European states could hurt investor confidence in Europe. The euro has been hit in recent months by fears of a possible Greek debt default, with the European single currency trading at 1.3556 dollars during trading in London on Friday, compared with 1.3574 dollars late on Thursday. "The situation concerning Greece continues to undermine the euro," said Stuart Bennett, an analyst with French bank Credit Agricole. 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