Press conference by Jeroen DIJSSELBLOEM, President of the Eurogroup, Olli REHN, Vice-President of the EC in charge of Economic and Monetary Affairs and the Euro, and Klaus REGLING, ESM Managing Director
Lieu: Brussels, Belgium - EC/Berlaymont
End production: 04/03/2013 First transmission: 04/03/2013
The Eurogroup meeting held in Brussels on 04 March welcomed the new Cypriot Finance Minister, Michalis Sarris, and the information he provided on the situation in Cyprus following the presidential elections and on the policy intentions of the new government. The first exchanges with the new Cypriot government have been useful.
They spoke about the finacial situation of Greece, Cyprus and Spain and Ministers also discussed about the economic forecast.
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 Jeroen Dijsselbloem, President of the Eurogroup: The first exchanges with the new Cypriot government have been useful. With the new government now in place in Cyprus, the Eurogroup is confident that a swift conclusion of the negotiations towards a Memorandum of Understanding can be reached.
The Eurogroup welcomes the commitment of President Anastasiades, reiterated by Minister Sarris, to closely cooperate with Cyprus's European partners towards the earliest possible completion of the loan agreement.
||General view of the press room
||SOUNDBITE (in English) by Olli Rehn, Vice-President of the EC in charge of Economic and Monetary Affairs and the Euro: The forecast showed that the necessary rebalancing process after the credit boom and after the increase in public and private debt will continue to weigh on growth and public finances for some time to come.
This justifies the differentiated approach to fiscal consolidation that the Commission is pursuing. It may also justify, in a certain number of cases, reviewing deadlines for the correction of excessive deficits, in line with the rules of the Stability and Growth Pact.
||Cutaway of a journalist
||SOUNDBITE (in English) by Olli Rehn: the Spanish financial sector programme is being implemented effectively. The commitments of the Memorandum of Understanding are being met, despite the ambitious deadlines, and thus the repair and reform of the Spanish financial sector is now well underway.
The recapitalisations made possible thanks to the programme, coupled with the transfer of impaired assets in the real estate and construction sector to the Asset Management Company, called SAREB, have helped to stabilise Spain’s banking sector. This, combined with financial market stabilisation, is an essential step towards normalising lending conditions for Spanish households and businesses, especially SMEs.
||Cutaway of a journalist
||SOUNDBITE (in English) by: Klaus Regling, ESM Managing Director: On Greece we disbursed last week, Thursday 2.8 billion Euros, after Greece met milestone for February and we are prepared to disburse the third sub-tranche again 2.8 billion in March provided That Greece meets the milestones that are defined for next month.