The European Union on Monday agreed to give 80 million euros (117 million dollars) in financial assistance to Lebanon to help support its economy and restore its public finances, according to dpa. "This is a concrete expression of the European support to the Lebanese people at such a difficult economic and political cross-road and following last year's military conflict," said European Economic and Monetary Affairs Commissioner Joaquin Almunia. In a statement, the EU said the money was designed to support Lebanon's economic and social programme for reconstruction and development, "notably through a contribution to reduce Lebanon's high stock of public debt and strengthen its fiscal policy." The macro-financial assistance (MFA) to Lebanon was endorsed by EU foreign ministers meeting on Monday in Brussels. It consists of 50 million euros in loans and a further 30 million in grants.
