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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 Europe mobilises to get aid to Greece AFP - 1 hour 33 minutes ago Send IM Story Print Ten European countries that have received major international aid packages. Eurozone leaders raced on Monday to get rescue money flowing to Greece, with the Greek government pressing hard for huge new budget cuts and the German cabinet backing a 110-billion-euro bailout. ATHENS (AFP) - – Governments scrambled Monday to get bailout money flowing to Greece, with action coming from around the eurozone as Athens pressed for huge new budget cuts and braced for strikes. Officials mobilised a day after Eurozone finance ministers approved an unprecedented three-year package of loans for Greece, struggling to shake off a crippling debt and deficit burden. Of the 110 billion euros (145 billion dollars) to be made available to Greece, the eurozone would provide 80 billion and the International Monetary Fund 30 billion in exchange for harsh austerity measures by the Greek Socialist government. Greece's benefactors must now act fast to get final endorsement for the deal ahead of a May 19 deadline, when the cash-starved nation faces a 9.0-billion-euro debt payment. Initial market reaction was sceptical, as the euro and European stocks fell on investor jitters that the money, assuming it is delivered to Greece, will fail to prevent debt contagion from infecting economies in Portugal and Spain. But most European exchanges later rebounded Monday on upbeat economic news from the United States and a strong start to the trading day on Wall Street. The euro, however, remained under heavy pressure and fell hard against the dollar. On the bond market, where Greek borrowing costs have soared in recent weeks in the face of damaging credit rating downgrades, the interest rate Greece would have to pay to raise new money narrowed sharply to 8.498 percent from 8.938 percent late Friday, signalling overall investor relief with the new arrangement. But Rene Defossez, a bond strategist at Natixis, sounded a note of caution. "The eurozone aid plan must still be ratified by national parliaments and if we see that the German parliament is dragging its feet, the markets will again turn volatile. "In addition, while this plan may be necessary, it remains to be seen if it will be enough." One hurdle at least was cleared on Monday when Chancellor Angela Merkel's cabinet endorsed Germany's deeply unpopular, 22.4-billion-euro contribution to the bailout. Merkel aims to fast-track final approval for Germany's slice through an accelerated parliamentary procedure by Friday. In the teeth of public opposition and with a key regional election looming, Merkel has been faulted elsewhere in Europe for dithering and for putting domestic electoral concerns ahead of eurozone solidarity. Greek bailout dredges up European divisions The French parliament prepared to vote later on Monday on France's participation, which will come to 16.8 billion euros over the three-year life of the package. Members of the National Assembly, the lower house of parliament, began debating the measure and were due to vote on it late Monday evening or on Tuesday. It must then pass to the Senate later in the week. In Helsinki Finland's cabinet proposed a 1.6- billion-euro (2.1-billion-dollar) supplementary budget to cover its share of the rescue. "This is not a pleasant decision," Prime Minister Matti Vanhanen told a press conference following a cabinet meeting on the bailout. A tougher line emerged in Slovakia, where Prime Minister Robert Fico insisted that his government would not consider providing rescue money to Greece unless Athens began to cut welfare spending. "We can't give Greece any loan before we see them doing their homework," Fico told reporters. Slovakia's share in the loan will exceed 800 million euros, said the country's finance ministry. The near term is further clouded by rising public outrage in Greece, where a third general strike in as many months is planned for Wednesday to protest against the salary cuts and tax rises the government has agreed to implement. Starting Tuesday flights in Greece will be disrupted by strike action called by civil aviation staff. A 48-hour stoppage by the federation of civil aviation associations (OSYPA) is expected to idle dozens of domestic flights ahead of a complete flight shutdown during the general strike Wednesday, Olympic Air and Aegean Airlines said. Greece's Socialist government on Monday meanwhile pressed hard for fresh spending cuts and tax hikes worth 30 billion euros (40 billion dollars) over three years. A day after unveiling plans to cut public sector bonuses, shake up the retirement system and hike sales tax, Prime Minister George Papandreou said the austerity drive would allow "changes that the country has needed for years." The government aims to get a parliamentary vote "in about a week," a parliamentary source said. "We need nine billion euros by May 19, it will arrive in time," a Greek official predicted. Newspapers said the cuts marked the beginning of years of painful sacrifice. "Our way of life, of working, consuming and organising our lives in this part of the Balkans is finished since yesterday," the pro-governmental Ta Nea newspaper said in an editorial. 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