EU to help Greece out of crisis

At the summit in Brussels, the EU said it's prepared to reduce Greek co-financing for EU development aid to 15 percent.

The development funds are designed to help underdeveloped regions catch up with richer parts of the bloc. The European Commission says Greece needs them to create jobs and make its businesses more competitive.

About 15 billion euros are still available for Greece until 2013. EU leaders called on Athens to show resolve in implementing the financial reforms necessary to get a new instalment of bailout money. But they say the European Commission's bailout fund, the European Financial Stability Mechanism, won't be part of the new Greek bailout.

Leaders attend the family photo of the EU Summit in Brussels, capital of Belgium, June 23, 2011. European Union (EU) leaders gathered here Thursday for a two-day summit meeting which is sure to be dominated by the worsening Greek debt crisis

Jose Manuel Barroso, European Commission President, said, "But we have to make it clear that this is a contribution for growth. And I have presented this initiative after consultations with Prime Minister Papandreou to look at how we can use the existing European funds, structural funds, in Greece, so they maximize their immediate impact on growth and jobs."

European Commission President Jose Manuel Barroso arrives for the first day of European Union (EU) Summit in Brussels, capital of Belgium, June 23, 2011. As EU leaders met for their summer summit on Thursday and Friday, the unending drama of the Greek debt crisis will continue to weigh on the meeting, but no bailout deal for Athens is expected despite heightened default concerns.

UK's Prime Minister David Cameron (front) leaves after the first day of EU Summit in Brussels, capital of Belgium, June 23, 2011.

President of European Council Herman Van Rompuy (R) and President of European Commission Jose Manuel Barroso attend a press conference after the first day of EU Summit in Brussels, capital of Belgium, June 23, 2011.

German Chancellor Angela Merkel (R) talks with French President Nicolas Sarkozy during the EU Summit in Brussels, capital of Belgium, June 23, 2011.

Italian Prime Minister Silvio Berlusconi (L) talks with Eurogroup President and Luxembourg Prime Minister Jean-Claude Juncker during the EU Summit in Brussels, capital of Belgium, June 23, 2011.

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