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Rescue mechanism for financial assistance to Greece, which is agreed by the European Commission and the International Monetary Fund to become the basis for a new model of action in the future for member states of the Eurozone with economic problems. This was one of the main topics of the meeting of finance ministers in the Eurogroup. The financial collapse of the Mediterranean country opened a brand new chapter in the management of European countries. The focus from now on will fall on the exercise of more effective control over the financial obligations of Member States. Eurogroup Chairman Jean-Claude Juncker, President of the European Central Bank Jean-Claude Trichet and European Commissioner for Economic Affairs Olli Rehn agree that the eurozone needs to strengthen the regulatory procedures related to compliance with the terms of the Pact for Stability and Development.

Meanwhile, the International Monetary Fund warns that if Greece recourse to the activation of the support mechanism additional economic measures will be needed besides the ones already taken to date. Analysts argue that the cuts made in the public sector and increased tax rates will be sufficient until the end of the year, but for 2011 and 2012 most likely the IMF will require additional economic restrictions. On that occasion next week in Athens arrives, the IMF mission. The mission will negotiate directly with the Greek government authorities, and the aim is to determine in details the conditions and regulatory framework under which Greece will take advantage of the special credit. IMF will ask the Greek government to continue the structural changes that will be accompanied by more stringent economic measures over the next three years. The direction of socio-economic changes will be aimed at increasing competitiveness, even if it means reducing wages in the private sector and deflation.

Part of terms of the International Monetary Fund is the introduction of legislative changes to ensure the capital efficiency of the banks during the whole term of the recovery program. An independent economic committee will also be formed to observe proper implementation of the goals - reducing the government deficit and control over the amount of foreign debt. After implementation of the rescue financial mechanism, Greece will be required to apply strict controls over the government spendings and will probably resort to reducing the number of employees in the public sector. The Greek media announced cuts of 137 thousand public sector employees in the next three years.