EU denies financial aid to Greece

The European Commission says there is no plan for a 20 to 25 billion euro aid package for Greece. Germany's finance ministry has also stated that it has made no decision on aid to Athens.

The responses came after the German newspaper Der Spiegel reported that the country was planning to offer financial aid to Greece. The paper also said that the German finance ministry had sketched out a plan for countries in the Euro zone to provide a joint aid package.

Meanwhile, the governor of Greece's central bank says the country is prepared to take special measures to meet deficit-cutting targets. He added that financial markets were over-reacting to the country's problems. Greece has pledged to reduce its budget deficit in 2010 by 4 percentage points to 8.7 percent of GDP.