Statement by Olli Rehn on Greece
Type: Complete speech
End production: 24/03/2010 First transmission: 24/03/2010
At a press conference on 24 March 2010 in Brussels, Olli Rehn, Member of the EC in charge of Economic and Monetary Affairs, made a statement on Greece. He said that the Commission encourages the euro area Member States to take a political decision on a mechanism to ensure financial stability in the euro area as a whole. He added that the Commission is ready to put in place such a European framework for coordinated and conditional assistance which could be used if needed and if requested.
EU Heads of State or Government will hold a two-day summit in Brussels on 25-26 March 2010, amid divisions about whether to give Greece money or send the country to the International Monetary Fund.
Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
||General view of the press briefing by Olli Rehn, Member of the EC in charge of Economic and Monetary Affairs
||Soundbite by Olli Rehn (in ENGLISH) saying that the College of the EC had a very serious and substantive debate on Greece; saying that Greece is now on track to meet the 4% target of deficit reduction this year 2010, following the bold and convincing measures the Parliament decided earlier this month; this can be made a turning point in the Greek fiscal history and economic development; but neither Greece nor the euro zone are out of the woods yet as there are still concerns over financial stability; therefore the Commission encourages the euro area Member States to take a political decision on a mechanism to ensure financial stability in the euro area as a whole, a mechanism which could be swiftly activated in case of need, in conformity with the treaty and its bailout clause, and without any automaticity; saying that the Commission is ready to put in place such a European framework for coordinated and conditional assistance which could be used if needed and if requested; the EC is working closely and intensively together with all euro area Member States and the Presidents of the European Council and of the Eurogroup in order to reach such a solution this week in the context of the European Council; on a possible involvement of the International Monetary Fund (IMF): saying that the Commission's view is that they prefer a euro area facility for a European problem; there needs to be a European lead and a policy conditionality decided by the European Union, and in this case by the euro area Member States; saying that he sees the IMF as a partner and they already now cooperate very well with the IMF; they have a sense of urgency and they are seeking for a solution which should be based on a clear lead of the EU and a policy conditionality defined by the EU.
||Cutaway of press