Eurogroup meeting: Extracts from the press conference by Jean-Claude JUNCKER, President of the Eurogroup, and Olli REHN, Vice-President of the EC in charge of Economic, and Klaus REGLING, ESM Managing Director and Monetary Affairs and the Euro

Type: News   Reference: 91075   Duration: 00:04:09  Lieu: Council , Justus Lipsius press room, Brussels
End production: 13/12/2012   First transmission: 13/12/2012
The main topics of the Eurogroup meeting were the final approval of the second disbursement for Greece and the progress made by Cyprus towards a possible macro assistance program.

Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
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TIME DESCRIPTION DURATION
00:00:00 Title 00:00:05
00:00:05 Arrival of the speakers 00:00:10
00:00:15 SOUNDBITE by Jean-Claude Juncker, President of the Eurogroup (In English) saying that: We gave today our final approval of the second disbursement of 49 billion Euros under the second Greek program after the political agreement reached in November, the completion of a successful debt buy-back and after relevant national parliamentary procedures in various countries. 00:00:28
00:00:43 Cutaway of the speakers 00:00:03
00:00:46 SOUNDBITE by Jean-Claude Juncker (In English) saying that: Money will be flowing to Greece as early as next week. Indeed, an immediate disbursement of 34.3 Billion Euros will be made in December this year. It includes an amount of 16 Billion Euros for Bank recapitalization and to restructuring. It also includes 7 Billions Euros for budgetary and finance. The remaining 11.3 billion Euros represents the part of the EFSF loaned to cover the costs of the debt buy-back operation. 00:00:36
00:01:22 Cutaway 00:00:04
00:01:26 SOUNDBITE by Jean-Claude Juncker (In English) saying that: We can see that progress has been made towards a possible macro assistance program for Cyprus which foresees a significant financial, fiscal and structural adjustment as foreseen in the draft memorandum of understanding agreed at staff level on the 23rd of November. 00:00:22
00:01:48 Cutaway 00:00:04
00:01:52 SOUNDBITE by Olli Rehn, Vice-President of the EC in charge of Economic (In English) saying that: I am well aware of how difficult the present situation is for the Greek people. My message to them is this: the European Union stands by you, and will continue to do so 00:00:14
00:02:06 Cutaway 00:00:04
00:02:10 SOUNDBITE by Olli Rehn (In English) saying that: Now it will be essential to maintain the tempo of reform in the coming months in Greece. Much has been achieved, but much still remains to be done, including the adoption of a comprehensive tax reform and a stepping up of the fight against tax evasion, which is an essential question not only because of public finances but even more so because of social justice, as well as the credibility of Greece. 00:00:35
00:02:45 Cutaway 00:00:03
00:02:48 SOUNDBITE by Klaus Regling, ESM Managing Director and Monetary Affairs and the Euro (In English) sayin g that: The European Stability Mechanism had its first operation by transferring bonds of 39.5 Billion Euros to Spain. This transaction was done within the ESM and the Spanish Central Bank which that in turn this amount to the FROP, the Spanish institution that deal with the Spanish banks, the FROP will distributes these amounts to 4 Spanish banks and the Spanish assets management company, the AMC. 00:00:38
00:03:26 Cutaway 00:00:04
00:03:30 SOUNDBITE by Klaus Regling (In English) saying that: I know it's a little bit confusing that these 2 institutions, EFSF and ESM exist and act in parallel. Of course the EFSF is temporary institution while the ESM is permanent but nevertheless the EFSF will be around for a while and will be active in the foresee of a future because the EFSF as you all may remember will continue to be in charge of financing the programs for Greece, Portugal and Spain. 00:00:32
00:04:02 Speakers leaving the press room 00:00:07
00:04:09 End 00:00:00
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