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13 February 2012

Bloomberg: European leaders confident in Greece meeting bailout demands


Germany and the European Commission welcomed Greek approval of the austerity steps demanded for a financial lifeline, suggesting euro finance chiefs will pull Greece back from the brink.

The Greek parliament’s backing “is a crucial step forward toward the adoption of the second programme”, EU Economic and Monetary Affairs Commissioner, Olli Rehn, told reporters in Brussels today. “I’m confident that the other conditions, including for instance the identification of the concrete measures of €325 million, will be completed by the next meeting” of finance ministers. 

“It’s important for now to complete this programme -- and the passage in the Greek parliament yesterday was very important”, German Chancellor, Angela Merkel, said in Berlin. “The finance ministers will meet again on Wednesday to undertake the work on this, but there can’t and there won’t be any changes to the programme.”

Pending approval of the bailout by euro finance chiefs this week, attention will shift to national capitals. Merkel plans to ask German lawmakers to vote on it on February 27. Other euro governments including the Netherlands and Finland have yet to schedule a date for parliamentary votes.

“A disorderly default of Greece would be a much worse outcome with devastating consequences for the Greek society, especially the weaker members of the Greek society”, Rehn said. “It would of course also have very negative ramifications through the contagion effect and chain-reactions through the whole European economy.”

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