Statement by Olli Rehn on Greece

Type: Complete speech   Reference: I-065286   Duration: 10:03:26  Lieu:
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.

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TIME DESCRIPTION DURATION
10:00:00 Title 00:00:05
10:00:05 General view of the press briefing by Olli Rehn, Member of the EC in charge of Economic and Monetary Affairs 00:00:04
10:00:09 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. 00:03:16
10:03:26 Cutaway of press 00:00:04
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