EU's executive commission vows continuing assistance for Greece as markets nosedive

Markets Associated Press

The European Union's executive commission has vowed continuing financial support for Greece as markets punish the bailed-out country's stocks and bonds.

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Commission vice-president Jyrki Katainen said in a statement Thursday there should be "no doubt that Europe will continue to assist Greece in whatever way is necessary" so the government can keep financing itself.

Greek stocks and bonds have been plunging over fears about the country's battered economy, the chance of new elections, and as part of a general pullback in recent days from riskier investments worldwide.

Greece needed 240 billion euros in bailout loans from other countries that use the euro and the International Monetary Fund. It had earlier appeared on the way to recovery and Prime Minister Antonis Samaras had expressed hope to leave the bailout program early.