Eurogroup meeting: extracts from the common press conference by Jean-Claude Juncker, Luxembourgish Prime Minister and Minister for Finance, and President of the Eurogroup, Olli Rehn and Klaus Regling, Chief Executive of the European Financial Stability Facility

Type: Summary of press conference   Reference: I-067991   Duration: 10:02:49  Lieu:
End production: 16/11/2010   First transmission: 16/11/2010
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.

Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
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TIME DESCRIPTION DURATION
10:00:00 Title 00:00:05
10:00:05 Arrival of the attendees to the press conference 00:00:07
10:00:12 General view of the audience 00:00:06
10:00:18 SOUNDBITE (in FRENCH) by Jean-Claude Juncker, President of the Eurogroup, saying that they welcome the determination of the Irish government to engage in a short and focused discussion with the Commission, the ECB and the IMF, in order to determine the best way to provide all necessary support to address market risks, in particular as regards the banking sector in the context of the four year budgetary plan, and the upcoming budget. They confirm that they will take action as Eurogroup as all 17 Members of the Eurogroup in a determinated and coordinated manner, to safeguard the financial stability of the euro area if that is needed. 00:00:50
10:01:09 Cutaway of the press room 00:00:04
10:01:13 SOUNDBITE (FRENCH) by Jean-Claude Juncker, saying that they have a faith in the ability of the Portuguese government to push the budget through, as it has been negotiated with the main opposition party, and they will be able to take all appropriate measures to stick to the deficit reduction targets for 2011. 00:00:16
10:01:30 Cutaway of the press room 00:00:04
10:01:35 SOUNDBITE (in ENGLISH) by Olli Rehn, Member of the EC in charge of Economic and Monetary Affairs: Ireland I expect the four year fiscal plan to be presented soon and next year's budget to be convincing. I had very good discussions last week in Dublin, for two days, and I am certain that the Irish government and Parliament will meet the necessary fiscal targets, and that puts the public finances of Ireland on a sustainable path. 00:00:33
10:02:09 Cutaway of the press room 00:00:06
10:02:15 SOUNDBITE (in ENGLISH) by Klaus Regling, Chief Executive of the European Financial Stability Facility (EFSF): The interest from potential investors, and these are Central Banks, sovereign world funds, institution investors etc. their interest is there and it is quite considerable particularly from investors in Asia. Therefore I am confident that if a request for financial support comes, it would possible to mobilise substantial amount of money in a relatively short period of time. 00:00:33
10:02:49 Cutaway of the press room 00:00:04
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