Eurogroup meeting: extracts from the common press conference by Jean-Claude Juncker, Prime Minister and Minister for Finance of Luxembourg, and President of the Eurogroup, Olli Rehn and Klaus Regling, Chief Executive of the European Financial Stability Facility
Only months after saving Greece from bankruptcy in May 2010, the16-country eurozone has been shaken anew by concerns that Ireland was unable to pay the cost of rescuing its banks. Ireland is paying billions to fix banks brought low by the end of its real estate boom, ballooning its budget deficit and frightening its creditors.
Olli Rehn, Member of the EC in charge of Economic and Monetary Affairs, along with Jean-Claude Juncker, President of the Eurogroupe, and Klaus Regling, Chief Executive of the European Financial Stability Facility (EFSF), tried to reassure lenders and stop a bond market panic that had threatened to engulf other vulnerable countries such Ireland, Portugal and Spain. They gave a common press conference after their meeting.