Greece's deputy finance minister says a massive rescue plan announced Sunday will include euro10 billion ($13.3 billion) in support for Greek banks that could be affected by the country's expected three-year recession.
Philippos Sachinidis told state television Monday that the money would be reserved for a "stabilization fund" out of the total euro110 billion ($133 billion) pledged in loans by the eurozone countries and the International Monetary Fund.
Greece on Sunday announced more austerity measures worth euro30 billion ($40 billion) through 2012 to be achieved through public service and pension pay cuts, higher taxes and streamlining government. The measures would exacerbate a recession, expected to last through 2011.
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