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Eurogroup statement on Spain - bailout

 

The Eurogroup supports the efforts of the Spanish authorities to resolutely address the restructuring of its financial sector and it welcomes their intention to seek financial assistance from euro area Member States to this effect.

Olli Rehn could soon be sitting in Eurogroup chief Juncker's chair

Eurogroup chief Jean-Claude Juncker has been out of the spotlight recently. However behind the scenes discussions are going on to find Juncker’s replacement as the group’s head. It is now certain his reign will come to an end when his term expires in January.

And so begins the debate as to exactly who will replace him. German Finance Minister Wolfgang Schäuble has already been mentioned as a possible successor. Schäuble however, rejected the claims as simply rumours.

Euro-area leaders reach comprehensive agreement designed to support Greece

Official version: Leaders of the euro-area countries announced on 21 July a raft of measures designed to alleviate the Greek debt crisis and ensure the financial stability of the euro area as a whole.

Polish EU Presidency - Warsaw decided not to take part in Eurogroup meetings

Poland decided against participating in meetings of the eurozone’s finance ministers – even though it is not a member of the area – during its EU Presidency after the presence of a non-member had stirred controversy, according to a statement published in Warsaw, on 10 July.

11 July 2011 Statement by the Eurogroup

"Ministers reaffirmed their absolute commitment to safeguard financial stability in the euro area. To this end, Ministers stand ready to adopt further measures that will improve the euro area's systemic capacity to resist contagion risk, including enhancing the flexibility and the scope of the EFSF, lengthening the maturities of the loans and lowering the interest rates, including through a collateral arrangement where appropriate.

PAPANDREOU OPEN LETTER TO THE PRESIDENT OF THE EUROGROUP JEAN CLAUDE JUNCKER

 PRIME MINISTER’S PRESS OFFICE / Athens, 11th July 2011

LETTER BY PRIME MINISTER GEORGE A. PAPANDREOU TO THE PRESIDENT OF THE EUROGROUP AND PRIME MINISTER OF LUXEMBOURG JEAN CLAUDE JUNCKER

Secret Euro Finance Ministers meeting in Luxembourg - discussing Greece and possible exit from the euro

There are unconfirmed reports of a secret finance ministers meeting in Luxembourg today to discuss Greece and its possible exit from the euro. A reporter at Spiegel insists that this is the case.

 

 

 

SEE PETER'S ANALYSIS & REFLECTION ON THIS MEETING BELOW

... he broke the story of the appointment of Draghi (below) ..

 

European Commission keeping pressure on Germany and others to show flexibility in support for Ireland and Greece

The European Union's executive arm is keeping pressure on Germany and others to show flexibility in support for Ireland and Greece, ahead of crucial negotiations on the euro zone's future in coming days.

With leaders of the 17 nations that use the euro set to meet in Brussels next Friday to hammer out the basis of a "comprehensive package" of reform measures, Olli Rehn, the European Union Commissioner for Monetary and Economic Affairs, said Ireland and Greece must not be financially overburdened.

"I see a danger that we might overburden both countries with overly strict credit conditions," Mr. Rehn told Germany's Handelsblatt newspaper, distributed ahead of publication Monday.

He added that Greece's timeline to repay aid loans should be extended to seven years from 3½, the paper said.

Mr. Rehn has consistently called for the EU to consider easing the terms of the loans to Greece and Ireland, reiterating last week that the near-6% interest rates the Irish government must pay on its €67.5 billion ($94.4 billion) package should be debated.

A spokeswoman for Mr. Rehn had no immediate comment on the commissioner's remarks.

Eurocrats in Davos give further details to the future of the European Financial Stability Facility

(28 January 2011) Euro-zone governments will increase the lending capacity of their bailout fund and make it more flexible, but governments won't raise its current €440 billion in guarantees, European Economics Commissioner Olli Rehn said in an interview Thursday.

Irish debt crisis - Eurogroup: last night's statement

THE EUROGROUP welcomes the significant efforts of Ireland to deal with the challenges it faces in the budgetary, competitiveness and financial sector areas. The Eurogroup welcomes in particular the announcement by the Irish authorities that their four-year budgetary strategy will be frontloaded by €6 billion in 2011 on a total consolidation effort of €15 billion. We have full confidence that the four-year strategy to be announced by the end of the month will be thorough and detailed and will firmly anchor the 2014 target date for the correction of the excessive deficit. This strategy will also ensure that the public debt ratio will be put on a firm downward path.

... and it continues ....

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