Yesterday, the 16 leaders of the Euro area member states issued a joint statement "reaffirm[ing] their willingness to take determined and coordinated action, if needed, to safeguard financial stability in the euro area," and agreeing, as part of a package involving International Monetary Fund financing and "a majority of European financing," to "contribute coordinated bilateral loans" to Greece. According to the statement, Greece "has not requested any financial support" and, therefore, "today no decision has been taken to activate" the agreed arrangements. The statement further notes that any bilateral loan disbursement would be decided unanimously by the Euro area member states, subject to "strong conditionality and based on an assessment by the European Commission and the European Central Bank (ECB)." Interest rates will be "non-concessional," and it is expected that Greece "will return to market financing as soon as possible." The Euro area leaders further requested that the President of the European Council establish, in cooperation with the European Commission, a task force of the euro member states, the rotating presidency of the European Union, and the ECB to present to the European Council those measures needed "to reinforce this aim."