The Eurogroup leaders conclude the Greek aid process and examine the progress of the crisis

Published: 6 May 2010 y., Thursday

Eurai
Concluding the process and deciding on the schedule for releasing the funds agreed on for Greece, as well as examining and learning lessons from the crisis for the governance of the eurozone, will be the focus of the discussions of the heads of state and government at the meeting in Brussels this Friday.

The head of the Spanish government and President-in-turn of the EU, José Luis Rodríguez Zapatero, said in Brussels this week that when the leaders of the Eurogroup meet this Friday, they will demonstrate that the twenty-seven Member States are moving in the same direction, 'the direction of confidence, of budget deficit reduction, of economic growth, of gaining in competitiveness and of shared responsibility'.

In Mr Rodríguez Zapatero's opinion, supporting Greece implies the whole of the EU making a responsibility, credibility and solvency pact; he appreciated the sacrifice which the people of Greece will have to make, as well as the 'courage' of Giorgos Papandreu's government for implementing a plan of deficit reduction, tax consolidation and structural reforms.

This Tuesday, the German Chancellor, Angela Merkel, expressly defended financial aid for Greece, but insisted on changes to the EU treaties to avoid a repetition of the crisis and to once again give politics precedence over the financial markets, which is one of the issues which will possibly be dealt with at the meeting.

After describing the Greek situation as 'exceptional' and 'without historical precedents', Ms Merkel called on her EU partners to carry out 'an unflinching analysis' of the crisis and to undergo 'stringent therapy' to deal with it.

As a consequence of the crisis triggered by the threat of Greek bankruptcy, Angela Merkel stressed her wish to reform the EU treaties, their defects and deficiencies having come to light, which, as she said in a government statement to the German Bundestag, must be corrected to avoid a repetition of what has happened.

According to the European Commissioner for Economic and Monetary Affairs, Olli Rehn, 'all of the eurozone countries are taking steps to consolidate their public finances' and, in this context, he believes that 'Greece is a unique and particular case; it has a particularly precarious debt situation and it is the only country which for years has sought to deceive with its figures'.

However, Mr Rehn insisted that the situation in Greece 'has already been put right' and the programme of adjustment and reforms agreed on by the Greek government, the European Commission, the European Central Bank and the IMF represents 'a turning point' in the Greek crisis.

The latest European Commission forecast regarding the EU confirms that economic recovery is under way and raises its growth forecast for this year from 0.7 per cent to 1 per cent and to 1.75 per cent for 2011.

Nonetheless, the EC warns that 'weakness in domestic demand is still getting in the way of a more vigorous recovery' and that it is necessary 'to be careful that the risks hanging over financial stability do not jeopardise that progress'; though Olli Rehn insisted that 'the improvement in the prospects for economic growth this year is good news for Europe'.

Šaltinis: europa.eu
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.

Facebook Comments

New comment


Captcha

Associated articles

The most popular articles

Gas Coordination Group discusses security of gas supply in the light of the current winter situation in Europe

In its first meeting in 2010, the Gas Coordination Group, under the chairmanship of the Commission, has focused today on the assessment of the situation on security of gas supply in the EU-27 and countries of the Energy Community and discussed priorities for the work of the Group in 2010. more »

Van den Brande welcomes Van Rompuy's commitment to multilevel approach to economic recovery

Luc Van den Brande, President of the EU Committee of the Regions (CoR), has used his first meeting with the President of the European Council, Herman Van Rompuy, to underline the importance of consultation between local, regional and national authorities. more »

Cameroon Firms Look to Hydro to Help Close the Power Gap

Basile Nkwesi, Directeur Commercial of Multiprint, speaks for dozens of frustrated business managers in this busy enterprise center when he talks about Cameroon’s costly and unreliable electricity. more »

In 2009 Bank SNORAS attracted 2400 new corporate clients

During 2009, over 2400 new corporate clients, whose total number currently exceeds 16 thousand, began using Bank SNORAS services. more »

Spain: in 2009 the EIB provided EUR 2.5 billion to finance SME and municipality projects

In 2009, the European Investment Bank (EIB) provided EUR 2.5 billion in 16 credit lines for financing the investment projects of SMEs (EUR 1 955 million) and local authorities (545 million) in Spain. more »

Euro coin counterfeiting in 2009

In 2009, the number of counterfeit euro coins removed from circulation was 172 100, down from 195 900 the year before. more »

Haiti Begins Participation in the IMF’s General Data Dissemination System

Haiti began participating in the International Monetary Fund’s General Data Dissemination System on December 28, 2009, marking a major step forward in the development of its statistical system. more »

In 2009 the price of Bank SNORAS shares grew by 163 per cent

According to the data of NASDAQ OMX Vilnius Stock Exchange, the price of Bank SNORAS registered ordinary shares grew by more than 2.5 times. more »

Commission clears proposed acquisition of Cadbury by Kraft Foods, subject to conditions

The European Commission has cleared under the EU Merger Regulation the proposed acquisition of Cadbury PLC of the UK by Kraft Foods Inc. of the US by way of public offer. more »

Changes in construction input prices in November 2009

Statistics Lithuania informs that construction input prices inNovember 2009, against October, dropped by 0.5 percent. more »