Euro zone finance ministers are likely to agree on Monday on the principles and parameters of financial help to Greece, if it is required, but leave out any sums until Athens asks for them, an EU source said.

'I think we should be able to agree on principles of a euro area facility for coordinated assistance. The European Commission and the Eurogroup task force would have the mandate to finalise the work,' the senior EU source, with knowledge of the preparations, told Reuters.

'It would be the principles and parameters of a facility or mechanism, which then could be activated if needed and requested.'

British newspaper the Guardian reported its sources as saying the aid to be made available by the bailout could reach 25 billion euros ($34.4 billion). Greece's borrowing needs for the whole of 2010 total 53.2 billion euros.

But the source said no numbers were likely at this stage.

'There is no agreed figure. You would have a framework mechanism and you would have blank spaces for the numbers because there has been no request (from Greece) yet,' the source said.

Finance ministers from the 16 countries using the euro, the Eurogroup, meet on Monday in Brussels to discuss the Greek debt crisis and the country's progress in introducing austerity measures necessary to regain the confidence of markets.

Greece has announced steps to reduce its budget deficit this year to 8.7 per cent of GDP from 12.7 per cent in 2009, triggering street protests and strikes but also reducing market concern over whether the country would be able to service its debt.

The source said that among the instruments considered to help Greece were both bilateral loans and loan guarantees.

'The preparations have been done under the Eurogroup by member states and the Commission. The Commission has done much of the technical work,' the source said.

'The aim of the exercise so far has been to do the technical preparations, so that the political decision could be possible on Monday. Germany holds the key at the moment.'     Polls show that public opinion in Europe's biggest economy Germany is strongly opposed to their country bailing out Greece, which has for years provided unreliable statistics about the true size of its deficit and debt, breaking EU budget rules.

In a move that is likely to alleviate German concerns about spending money on Greece, the Commission has said it would soon make a proposal for stronger economic cooperation between euro zone countries and tighter surveillance of their performance. – Reuters