Eurogroup meeting: roundtable chaired by Jean-Claude JUNCKER, Eurogroup President and with the participation of Olli REHN, European Commissioner for Economic and Monetary Affairs
Lieu: Luxembourg (town), Luxembourg - Council
End production: 03/10/2011 First transmission: 03/10/2011
On 3 October, Eurogroup meeting is taking place in Luxembourg. Top financial officials from eurozone countries were grappling with Greece's worsening debt crisis on Monday after Athens' admission that its deficit will be higher than promised sent markets tumbling.
Greece's revelation calls into question whether Athens will receive the next installment of the bailout loan it needs to pay its day-to-day bills. If it doesn't receive Euros 8 billion by mid-October, it could go bankrupt and would be unable to pay pensions and salaries.
European Monetary Affairs Commissioner Olli Rehn wouldn't be drawn out Monday on what Greece's creditors will do with the new information, saying only that they were still reviewing the data.
"We are currently assessing whether Greece will meet its fiscal targets with the current measures," Rehn said ahead of Monday's meeting. "I want to do our job first properly; it seems that Greece is likely to miss the target."
Although the ministers have already said they won't decide on the next payment at their meeting Monday in Luxembourg, the issue is sure to be high on the agenda.
Markets have been exceptionally volatile in recent weeks, as they look for any hint that European leaders have a credible way to steer Greece back to health and prevent its debt problems from spreading to other, larger eurozone economies. The Greek announcement confirmed investors' fears that even the country's dramatic spending cuts will not be enough.
Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
||Giulio Tremonti, Italian Minister for Economy and Finance
||Evangelos Venizelos, Greek Minister for Finance (3 shots)
||Giulio Tremonti and Elena Salgado Mendez, Spanish Minister for Economy and Finance (2 shots)
||Evangelos Venizelos (2 shots)
||Evangelos Venizelos and Wolfgang Schäuble, German Federal Minister for Finance (2 shots)
||Didier Reynders, Acting Belgian Deputy Prime Minister and Minister for Finance, François Baroin, French Minister for Economy and Finance and Elena Salgado Mendez
||François Baroin and Wolfgang Schäuble
||Wolfgang Schäuble, Didier Reynders, Jean-Claude Juncker, Eurogroup President, Luxembourg Prime Ministe, Olli Rehn, Member of the EC in charge of Economic and Monetary Affairs (2 shots)
||Michael Noonan , Irish Minister for Finance (2 shots)
||Philippe Maystadt, President of the European Investment Bank Group and Jean-Claude Juncker
||General view of the room