HispanicBusiness

The European Union's top economic official ruled out Monday the possibility that the bloc might commit more money for Greece, as eurozone finance ministers gathered in Brussels to discuss a proposed budget discipline pact ahead of next week's E.U. summit.

In October, eurozone leaders agreed to fund a second Greek rescue package which, adding International Monetary Fund contributions, should be worth 130 billion euros ($170 billion). It would come on top of a 110-billion-euro bailout agreed in 2010.

But its approval depends on banks accepting at least a 50 percent nominal loss on their Greek bond holdings, in order to reduce the country's debt mountain by 100 billion euros.

"We have very solid decisions from October and we are working on the basis of those decisions," E.U. Economy Commissioner Olli Rehn told reporters.

Also in Brussels was Greek Finance Minister Evangelos Venizelos, who said his country would "act always in line with its institutional partners" and was ready to conclude debt talks "on time."

The informal deadline expires at the end of the month, when EU leaders convene for a special debt crisis summit.

"While last year it was a matter of containing the crisis, this year will be the year in which we need to resolve the debt crisis," Rehn said.

Rehn agreed with IMF chief Christine Lagarde's statements from Berlin, in which she stressed the need for a "larger firewall" within the eurozone to shield countries like Italy and Spain from unreasonably high financing costs.

It was "essential" to bolster the European Stability Mechanism, the eurozone's new rescue fund due to be launched in July, Rehn said. But also for other world economies to respond to the IMF's appeal for a boost in its lending capacity of up to 500 billion euros.