As the eurozone tackled a government debt crisis that has exposed deep divisions, European Union partners made it clear that the European Union sees the mechanism as a necessary evil that must be prepared only if the health of the euro currency is endangered.

The 27 EU ministers echoed their eurozone counterparts on March 16 by backing the measures Athens has already undertaken to curb spending and raise taxes.

The onus will therefore remain firmly on Greece to maintain a tight watch on national budget surgery.

Greece has complained that the yield on bonds it sells in order to raise money on international markets is too high at above 6 percent. But eurozone ministers intimated any EU aid would also come at a heavy price.

Welcoming the “serious headway” made in drawing up the contingency plan, which reflects a step-change in moves to give the EU a greater say in pan-national economic governance, the Greek finance minister said he expected the bond yields Athens has to offer would now fall.