A strategy to rescue Greece with tens of billions of euro on condition of huge budget cuts being applied is the burning issue at a session of euro zone finance ministers in Brussels today.
Finance ministers from the 16 euro zone countries are also expected to argue over longer-term ways of helping member economies in trouble, for example through emergency loans and a new European monetary fund.
French Finance Minister Christine Lagarde said that EU experts have been working on the contingency plan for Greece so that if the money is needed 'all we would have to do is press the button'.
In her interview with the Wall Street Journal, however, she also emphasised that there was no 'bailout plan' for Greece and voiced guarded support for the idea mooted in recent days of a European version of the International Monetary Fund.
Euro zone rules ban bailouts for member states experiencing financial crises.
The hope among European leaders is that having a safety net in place will reassure investors that Greece will not default on its debts and therefore help lower the rate at which Greece is able to raise funds on international markets.
The Greek crisis has caused severe strains for the euro zone and therefore for the wider European Union.
