On 3 December, Eurozone Finance Ministers are expected to discuss the terms of the Greek debt buy-back. They will also focus on a potential Cypriot bailout and Spainish request of €39.5 billion bailout for its banking sector.
Regarding Greece, the Ministers will review the programme in order to get a definite handle on the country's financial woes.
Athens has struggled to cut down its debt, which is expected to balloon to almost 190 per cent of gross domestic product next year. Its international creditors want it to be shaved down to 175 per cent by 2016 and to "substantially less" than 110 per cent by 2022.
Eurozone finance ministers have promised to consider further debt-reducing measures if the buy-back programme has "a positive outcome." The International Monetary Fund (IMF) has also made its completion a precondition for its disbursement of further Greek aid.
Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
||SOUNDBITE (in English) Olli Rehn, Member of the EC in charge of Economic and Monetary Affairs: We are going to have an important meeting of the Eurogroup, we will be discussing all relevant issues fro the Eurozone today but I have to go to the meeting.
||Klaus P. Regling, Chief Executive Officer of the European Stability Mechanism
||Jutta Urpilainen, Finnish Minister for Finance
||Jeroen Dijsselbloem, Dutch Minister for Finance
||SOUNDBITE (in Dutch) Jeroen Dijsselbloem, Dutch Minister for Finance, saying that: Regarding Cyprus, we still have to look the first report made by the Troika.
||SOUNDBITE (in German) Maria Fekter, Federal Minister for Finance of Austria saying that: I think we have to see the results. Greece still has to make an effort and live up to its obligations. It cannot hope that there will be a debt cut and it doesn't have to do anything anymore. On the contrary I personally like models which have also been discussed to give incentives to Greece.
||Vittorio Grilli, Italian Minister of Economy and Finance
||SOUNDBITE (in French) Pierre Moscovici, French Minister for Finance, Economic Affairs and Industry, saying that: We will have an overview of the situation looking at the progress made on some issue in the Eurozone, so we will focus on Cyprus and other countries as well. We will have an exchange of view on the prospects of the Eurozone.
||SOUNDBITE (in Spanish) Luis De Guindos Jurado, Spanish Minister for Economic Affairs and Competitiveness, saying that: Today the Eurogroup is going to give its approval to the restructuring process. It was given last week to the restructuring plans and from there, today we are doing the formal request for funds. It is an amount of 37 billion Euros in capital injection requested to the European Stability Mechanism. It has a life of 12 ½ years with a grace period of 10 years at a rate that is below 1% and even in its first period of life will have a type slightly above 0.5%. We believe those are advantageous conditions which will allow cleaning, structuring and to solving the problems that the Spanish banking system has and from that point of view we think is positive. The process of restructuring is essential and vital. It has to be done in an appropriate manner and do not repeat the past mistakes.
||Luc Frieden, Minister for Finance of Luxembourg
||Janez Sustersic, Slovenian Minister for Finance
||Tonio Fenech, Maltese Minister for Economy and Finance
||Steven Vanackere, Minister for Finance of Belgium
||SOUNDBITE (in English) Michael Noonan, Irish Minister for Finance: I have no reason to think that it won't be successful. And we will see how it will work out. I think the offer is opened until the first days of next week. So, it seems to me that there is no reason to expect that it won't be successful, that part of the package for Greece.