Mechanism proposed to help Greece

Euro zone finance ministers have agreed on a mechanism that would allow them to help Greece financially if needed, but they revealed no details except that it would be without loan guarantees.

The mechanism would be activated if Greece was unable to get its financial house in order despite the country's austerity measures. The ministers said the mechanism would not give Greece financing at average euro zone rates but aims to allow it to return to the credit market as soon as possible.

Last month, Greece unveiled new austerity measures designed to bring its budget deficit in line with EU limits by 2012. But investors are still concerned about its ability to pay its debts.