Finance ministers from the 16 eurozone nations, including Malta, today signed off on a joint rescue plan for Greece with the International Monetary Fund that amounts to 110 billion euros over three years.

The loans are aimed at keeping the financially struggling country from defaulting on its debts and dealing a serious blow to the shared euro currency.

The head of the group, Luxembourg's Jean-Claude Juncker, said today that the plan will still need approval by some countries' parliaments before debt-ridden Greece can receive the first funds.

But Mr Juncker said the first loan money will get to Greece before May 19, so Greece can pay off on 8.5 billion euros-worth of 10-year bonds that are maturing then.

Spain's finance minister, Elena Salgado, noted that Greece was a "special case" because the country has admitted faking its budget statistics in past years.

"The Greek case is a very special case," she said, "in the sense that many things have happened in Greece, of course the statistics, of course the deficit for a very long period, so nothing compares to other countries."

"Today, we have activated the mechanism and national procedures will take place," Ms Salgado said.

Mr Juncker said the eurozone would contribute 80 billion euros to the package, with 30 billion euros of that to be made available this year.

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