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The International Monetary Fund met on Sunday in a special session to approve a 30 billion euro ($40 billion) rescue loan for debt-stricken Greece, as European finance ministers discussed ways to prevent market turmoil from spreading.Worries about the risk that Greece's problems could spread to other countries have made financial markets nervous and made trading extremely volatile. Analysts have identified Portugal, Spain and Ireland as countries that could follow in Greece's footsteps and be forced to seek help.The meeting of the 24-member IMF board, made up of representatives from the Fund's member countries, is part of a European-led 110 billion euro financing plan for Greece to avert the euro zone's first sovereign debt default.The bailout is the biggest in history and will be dispersed over the course of three years. It comes with stringent conditions that include a combination of spending cuts and revenue increases.IMF Managing Director Dominique Strauss-Kahn, who will present the Greece plan to the IMF board, has said he expects the loan to be approved.Greece has a debt burden of more than 115 percent of gross domestic product, and the EU-IMF package is intended to help it meet financing needs falling due on May 19.In Brussels on Sunday, European finance ministers pressed for special measures before financial markets open on Monday to stop Greece's debt crisis from spreading, promising to do everything they can to defend the euro from the "wolfpack" of financial markets.The European Commission will propose to ministers a mechanism intended to provide a multibillion euro safety net for other euro zone countries.Meanwhile, the White House said President Barack Obama and German Chancellor Angela Merkel had talked on Sunday about European financial markets and discussed the importance of European Union members taking steps to build confidence in markets.White House spokesman Bill Burton said the phone conversation was part of Obama's "ongoing engagement with European leaders with regard to the economic situation there."(Reporting by Lesley Wroughton, editing by Jackie Frank)
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