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 Monetary Affairs and the Euro
Lieu: Brussels, Belgium - Council / Justus Lipsius
End production: 21/01/2013 First transmission: 21/01/2013
On 21 january, Eurozone finance ministers discussed a possible bailout for Cyprus, but no decision was taken. Cyprus first indicated its intention to seek an international bailout in June, but the EU's only communist government has balked at many of the privatization measures that have been made a condition of international aid. No decision is now likely under the present government, ahead of elections on February 17. Cyprus also has to convince potential donors that concerns over money-laundering are unfounded. While Nicosia had provided documents showing their compliance on the matter, it would have to be addressed ahead of any bailout, an EU official said on condition of anonymity. The ministers elected to Dutch Finance Minister, Jeroen Dijsselbloem as the new president of the Eurogroup. Juncker, who has held the post for eight years, is stepping down.
Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
||Arrival of the speakers
||General view of the press conference room
||SOUNDBITE (in English) by Jean-Claude Juncker, President of the Eurogroup: We agreed that fiscal consolidation should continue to be pursuit and particular attention should be paid to the composition of fiscal consolidation in view of the limited scull for policy action to address with growth. We also agree that we would not loose momentum in the implementation of structural reforms as these are needed to improve the work potential and the competitiveness of our economies and in the future deepening of EMU.
||Cutaway of photographers
||SOUNDBITE (in English) by Jean-Claude Juncker: We welcome the progress which has already been made by Cyprus in implementing some of the important measures on which the Troika and the Cyprus authorities are in agreement. The new diligent exercises on the capital needed after Cyprus financial sector has progressed in line with established presidency, the final report is expected to be published as soon as memorandum of understanding will be signed.
||Cutaway of audience
||SOUNDBITE (in English) by Olli Rehn, Vice-President of the EC in charge of Economic and Monetary Affairs and the Euro: The start of a new era has to signal the end of an era as well. Jean-Claude has done an absolutely formidable work as the President of the Eurogroup. He has been proactive during hard times when needed. I recall many events of these years, specially the one on the Luxembourg embassy in Washington in spring 2011 when face the lowest point f the crisis and we were not very united at that moment and once again we have strength our lanes and get ready to put out the fire. You help to boost our moral and uited our efforts at that critical moment.
||Cutaway of a cameraman
||SOUNDBITE (in English) by Klaus Regling, ESM Managing Director: On Spain the ESM supports the Troika's recommendation and they will disburse the second loan tranche of a bit less than a 2 billion Euros for the recapitalisation of group two banks due to the strict implementation of the program the disbursement of the program is much lower than initially thought. That is, of course, good news. Spain respects their commitments in the MoU on the timetable and the disbursement is expected to be legally approved by the ESM board.
||Cutaway of journalists
||SOUNDBITE (in French) by Jean-Claude Juncker:I wanted to express my satisfaction and be able to stand down from the role of president of the Eurogroup which is a very big responsibility. I want also to express my satisfaction at seen Mr Dijsselbloem appointed as my successor. Obviously he has less experience than me and is quite new in the Eurogroup, obviously. But I am convinced that he will perform his duty with conviction, he is a convince European himself and he will do it in his way.
||General atmosphere in the press conference room
||SOUNDBITE (in English) by Jeroen Dijsselbloem, Dutch Minister for Finance and elected President of the Eurogroup: It is a distinct honour to have been given the responsibility to succeed Jean-Claude and I would like to thank my colleagues for the trust and confidence. At Today I have laid out my agenda for the group and the letter that I put forward to my colleagues will be circulation shortly and you will be able to read all about it.
||Applause and speakers leaving