Eurogroup meeting: extracts from the press conference
Lieu: Brussels, Belgium - Council / Justus Lipsius
End production: 27/11/2012 First transmission: 27/11/2012
On 27 November the Eurogroup recalls that a full staff-level agreement has been reached between Greece and the
Troika on updated programme conditionality and that, according to the Troika, Greece has implemented all agreed prior actions.
The Eurogroup in particular welcomes the updated assessment of the Troika that Greece has
implemented in a satisfactory manner a wide ranging set of reforms, as well as the budget for 2013
and an ambitious medium term fiscal strategy 2013-16.
Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
||Arrival of the speakers
||SOUNDBITE (in English) by Jean-Claude Juncker, President of the Eurogroup: I am pleased to announce that today we reached a practical agreement on the next paying out to Greece. Let me first say that is no just about money, this is a promise of a better future for the Greek people and the Euroarea as a whole. A break from the area of missed targets and loses implementation tools and new paradigm on the steps fast before momentum declining the situation and returning to growth.
||Cutaway of journalists
||SOUNDBITE (in English) by Olli Rehn, Vice-President of the EC in charge of Economic and Monetary Affairs and the Euro: there is a very clear commitment to reduce the debt burden of Greece by 20 percentage points by 2020 and I would like to especially draw your attention to the three elements that Jean-Claude Juncker mentioned.
First, there is the reduction of interest rates under the Greek loan facility by 100 basis points. Second, there is the commitment by euro area member States to pass on an amount equivalent to the income of the SNP portfolio of the national Central Bank as from budget year 2013 and third, to which is very important, the euro area member states have agreed that they will consider further measures and assistance.
||Cutaway of journalists
||SOUNDBITE (in English) by Christine Lagarde, Managing Director of the IMF: What did the IMF wants out of this process? Certainly we want that Greece was back on track and was producing the action necessary to that effect. That has been demonstrated and Greece is committed to do what it takes and has taken prior actions and voted the right budget and made the right commitment. The second thing that the IMF wanted was to make sure that the Euro-partners with themselves taking the necessary actions to bring Greece in a sustainable path, and I have to say tonight that this has been achieved.
||General view of the speakers
||SOUNDBITE (in English) by Thomas Wieser, President of the Euro Working Group: On sustainability what we did today as concerns debt sustainability, as concerns financing, but maybe just as a reminder it is also about sustainability of Greek financial policies. That is the bridge and the links between what we were doing a week ago were we took stack of sustainability enhancing measures the Greek government has embarked upon and very successfully concluded. The fiscal measures, the structural reform measures open up the Greek economy to competition to contestable market and enhance growth.
||Departure of the speakers