07 September 2012

Press statement by EC President Van Rompuy following his meeting with Prime Minister of Greece, Antonis Samaras

Van Rompuy said that he had no doubt that Greece's future is in the euro area, and that as long as Greece was committed to the euro, its partners would continue to support its efforts fully.

"Prime Minister Samaras has confirmed to me that his government and the coalition behind it are firmly committed to press ahead with fiscal consolidation and important reforms to live up to the choice of the Greek people. As you all know, this requires a broad effort."

"I am fully aware that restructuring the economy is painful and difficult. Growth needs to be restored, a perspective for jobs needs to be created. But I firmly believe that over time, the current programme will bring to the Greek people a performing public sector, employment in a competitive private sector and a revived economy.

As long as the Greek authorities stay fully committed to these objectives and deliver results, I can assure you that the European institutions and each and every Member State will remain committed.

For those who doubt our commitments to Greece, let me recall that, to date, we have approved some €240 billion of financial assistance. In addition, the European Central Bank has bought large amounts of Greek Government debt and with the help of this programme we have successfully negotiated some €100 billion of reduction from private sector creditors.

I find it important to say in Athens, that the current crisis is not just a Greek crisis. Beyond the efforts of individual countries we need a collective action. The European institutions are doing all that is needed to safeguard financial stability. The European Council decisions of June were a breakthrough in this respect and their implementation is progressing. Following our decisions, the intervention framework announced by the European Central Bank in August and detailed yesterday provides an additional, complementary and effective response in full respect of its mandate and its independence.

All countries are dealing with structural economic challenges. Results are emerging but the work is not over and we know it. This is why we also need a long term vision of the Economic and Monetary Union; I will present an interim report in October and a final report in December on this very subject.

This commitment to the integrity of the euro area is very much shared by the European Council and more broadly by all European institutions. I have no doubt that Greece's future is in the euro area.

So long as Greece is committed to the euro, its partners will continue to fully support its efforts. I'm confident that our triptych: short term actions to safeguard financial stability, a long term vision for the Economic and Monetary Union, and deep reforms in each and every country make the euro irreversible."

Full statement

© European Council