EU hopes to conclude Greece aid talks “in days”

The EU should complete talks with Greece on an aid package "in days", Economic and Monetary Affairs Commissioner Olli Rehn said on Thursday, but did not provide details other than saying it would be a multi-annual programme.

In a statement read to reporters, Rehn said the package would involve bilateral loans from members of the euro zone and would be conditional on Greece cutting its budget deficit.

The European Union's executive Commission, the International Monetary Fund and the Greek government have been working together on the package of measures in Athens over the past 10 days.

"I am confident that the talks will be concluded in the next days," Rehn said in his statement.

"The outcome will be a multi-annual programme that will lead to major fiscal and also structural adjustment."

He said the aid — which will total at least 45 billion euros ($60 billion), with two thirds from the euro zone and the remainder from the IMF — would be delivered via coordinated bilateral loans from the euro-area member states.

"(It) will be conditional to implementing the decisions required to meet the conditions of fiscal consolidation and structural reforms," he said, referring to the need for Greece to cut its budget deficit of 13.6 percent by at least four percentage points this year.

Rehn said he hoped the financial support would give Greece "breathing space from the pressures of financial markets", where yields on Greek short-dated bonds have been pushed to record highs in recent days as investors fear a debt default.

"I want to underline that this exercise is done not only because of Greece, but for every euro area member state and their citizens to safeguard financial stability in Europe and globally," Rehn said.