Greek Debt Crisis, Eurozone | featured news

The European Union agreed on a 500 billion-euro ($670 billion) emergency fund in the early hours of Monday to protect highly indebted eurozone countries from the "wolfpack" of financial markets.

Euro zone leaders decided on Friday they have special measures ready before financial markets open on Monday to prevent financial turmoil in Greece spreading to other countries such as Spain and Portugal.

The $147 billion, three-year bailout offered to Greece by euro-zone countries and the IMF won't be enough to cover Greece's costs, an examination of Greek financial figures shows.

Euro-zone finance ministers unanimously approved a detailed emergency aid mechanism for Greece but stressed that the country had not yet requested a bailout.