EU considers EUR 25bn for debt-hit Greece: report

(BERLIN) - The European Union could provide debt-ridden Greece with up to 25 billion euros (34 billion dollars) in aid, Monday's edition of the German magazine Der Spiegel says, citing suggestions from Germany's finance ministry.

The amount each country would contribute would be calculated according to its relative position in the European Central Bank, Der Spiegel explains.

Germany would therefore contribute nearly 20 percent of the potential aid package, the equivalent of up to five billion euros, which would be made up in part of loans and guarantees.

European leaders have pledged their solidarity with Greece, which has a total debt estimated at about 300 billion euros, but the EU has not announced any concrete financial aid.

The EU has confirmed a series of measures to put Greece under a new form of budgetary surveillance.

Greece is committed to reducing a public deficit of 12.7 percent of gross domestic product by four percentage points over the course of 2010. Countries in the single euro currency zone are subject to a three percent limit.

Athens has also announced a major savings programme which will be controlled by the European Commission.