Eurogroup meeting: extracts from the arrivals and doorsteps
Lieu: Luxembourg (town), Luxembourg - Council
End production: 20/06/2011 First transmission: 20/06/2011
The Finance Ministers of the euro area meet in Luxembourg for the second day to analyse the situation in Greece and to release more loans to keep Athens from default and mull the shape of a second major bailout to find a lasting solution to the debt crisis in Greece.
On Sunday evenening, ministers agreed that the required additional funding will be financed through both official and private sources and welcome the pursuit of voluntary private sector involvement in the form of informal and voluntary roll-overs of existing Greek debt at maturity for a substantial reduction of the required year-by-year funding within the programme, while avoiding a selective default for Greece.
On these conditions, Ministers decided to define by early July the main parameters of a clear new financing strategy.
Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
||Arrival of Jean-Claude Juncker, President of the Eurogroup
||Arrival of Christine Lagarde, French Minister for Economy, Industry and Employment
||Arrival of Olli Rehn, Member of the EC in charge of Economic and Monetary Affairs, and SOUNDBITE (in ENGLISH) saying: Tonight the ministers took the expected decisions to confirm the conditions for the next divestment of the EU-IMF loan in time in early July for Greece. The key condition is that the Greek Parliament needs to endorse the fiscal strategy and the privatisation programme before the end of June. Once this is done, the divestment will be done in time in order to avoid the default.
||Arrival of Jean-Claude Trichet, ECB President
||SOUNDBITE (in GERMAN) Maria Fekter, Austrian Finance Minister saying that the timing could be good but it is necessary to wait for the decision of the Greek Parliament to see if they respect the conditions on the privatisation, the fiscal reforms and the administration.
||Arrival of Elena Salgado, Spanish Minister for Finances, and SOUNDBITE (in SPANISH) saying: We have had some turbulence during the last weeks and obviously it would have been better if we had reached a more immediate agreement yesterday. But the markets know that Spain is doing the needed reforms and fiscal consolidation and therefore there will be no problems with Spain.
||Arrival of Didier Reynders, acting Belgian minister for Finances, and SOUNDBITE (in FRENCH) saying: Yesterday discussions focussed on the participation of the private sector and everybody seems to agree on the voluntary method, and now we are waiting for a decision in Greek. And if it Greece can wait until July, my proposal is not useful any more.
||Arrival of Evangelos Venizelos, Greek Minister for Finances