The Ministers of Finance of the 27 EU member-states will hold a special meeting in Brussels on May 9, a high-ranking European official reported.

The meeting is to coordinate the measures to control the crisis in Europe. The measures are to be approved before the markets are opened on May 10. Prompt coordinated measures are necessary to prevent financial instability from developing into a second wave of global crisis.

The Euro zone summit earlier approved a 3-year €110bn bailout program for Greece with the involvement of the International Monetary Fund (IMF). Greece is to receive the first tranche within a week.

T.P.