Eurogroup meeting / European Stability Mechanism meeting: extracts from the press conference by Jean-Claude JUNCKER, President of the Eurogroup and Olli REHN, European Commissioner for Economic and Monetary Affairs
Lieu: Luxembourg (town), Luxembourg - Council
End production: 20/06/2011 First transmission: 20/06/2011
The EU Finance Ministers gave their political endorsement to a timely release of the next EU/IMF loan tranche to Greece, provided that the Greek parliament passes the necessary legislation in order to comply with all of its commitments to austerity.
It is of the utmost importance for Greece to restore credibility as by implementing the economic austerity programme it has agreed with the European Union and the IMF, Jean-Claude Juncker, Luxembourg Prime Minister and President of the Eurogroup told journalists.
Times are difficult, the reform fatigue is visible in the streets of Athens, Madrid and elsewhere, and so is the support fatigue in some of EU Member States, said Olli Rehn, Member of the EU in charge of Economic and Monetary Affairs. What is needed now is determined bridge-building and the resilience to stay on the reform course at this present critical juncture, he added.
Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
||General views of the press conference room (3 shots)
||Arrival of Jean-Claude Juncker, Luxembourg Prime Minister and President of the Eurogroup, and by Olli Rehn, Member of the EC in charge of Economic and Monetary Affairs, at the press conference (3 shots)
||Cutaway of press
||SOUNDBITE (French) by Jean-Claude Juncker on the European Stability Mechanism (ESM), saying that today's agreement stresses the determination of the Euro area countries to do everything that is necessary to guarantee the stability of the Euro. It has been decided that the ESM will not have preferred creditor status as regards loans for countries which are already in a support programme, in other words Portugal, Ireland and Greece. This should make things easier for those countries to come back to the markets.
||SOUNDBITE (French) by Jean-Claude Juncker on Greece, saying that the ministers of the Eurogroup took note of the evaluation of the (Greek) debt sustainability prepared by the European Commission and the International Monetary Fund (IMF). It is clear that the debt is sustainable but it will only remain sustainable if Greece complies with all of the commitments.
||SOUNDBITE (French) by Jean-Claude Juncker still on Greece, saying that it is very important for the Greek parliament to pass the necessary legislation within the deadlines so that the EU can achieve a successful conclusion. It goes without saying that no pressure will be put on financial institutions so as to avoid Greek selective default. Voluntary (involvement of the private sector) means voluntary.
||SOUNDBITE (English) by Olli Rehn, Member of the EC in charge of Economic and Monetary Affairs, on Greece saying that his is a landmark decision which is indispensable to ensure the credibility of the comprehensive crisis response of the European Union. Times are difficult, the reform fatigue is visible in the streets of Athens, Madrid and elsewhere, and so is the support fatigue in some of EU Member States. What is needed now is determined bridge-building and the resilience to stay on the reform course at this present critical juncture. The EU is about to complete a decisive response to the worst crisis since the WWII and face its two main challenges, restoring and maintaining sustainable public finances, and enhancing sustainable growth and jobs potential in Europe.
||Cutaways (2 shots)