Extraordinary Eurogroup meeting

Type: News   Reference: 93679   Duration: 00:03:34  Lieu: Brussels, Belgium - Council / Justus Lipsius
End production: 16/03/2013   First transmission: 16/03/2013
On 16 march, Euro zone finance ministers reached a political agreement on 10 bln euro Cyprus bailout on the cornerstones of an emergency lending programme for Cyprus which would help bring down the public debt to GDP ratio of the island to 100 percent in 2020.

Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
PDF version

TIME DESCRIPTION DURATION
00:00:00 Title 00:00:05
00:00:05 Large view of the room 00:00:04
00:00:09 SOUNDBITE (in English) by Jeroen Dijsselbloem, President of the Eurogroup: I am pleased to announce that the Eurogroup consider that a great progress have been made and was able to reach a political agreement with the Cypriot authorities tonight on the cornerstone of an adjustment program. All Member States supports this agreement. 00:00:29
00:00:38 Cutaway 00:00:07
00:00:45 SOUNDBITE (in English) by Jeroen Dijsselbloem : Against its background the Eurogroup consider that in principle financial assistance to Cyprus is guaranteed to safeguard financial stability in Cyprus and the Euro-area as a hole by providing a financial envelope which has been reduce up to 10 billion European Commission. 00:00:21
00:01:06 Large view of the meeting 00:00:06
00:01:12 SOUNDBITE (in English) by Olli Rehn, Member of the EC in charge of Economic, Monetary Affairs and the Euro: The Commission has always been very clear that Cyprus is of systemic relevance to the Euro area. Not to provide assistance to Cyprus would have posted the risk of undoing the progress that have been made over the past year to banish fears for integrity of the Euro-area and to strengthen the Economic and Monetary Union. 00:00:29
00:01:41 Cutaway 00:00:07
00:01:48 SOUNDBITE (in English) by Christine Lagarde, Managing director of the International Monetary Fund: The IMF is considering proposing a contribution by our institution to the financing of this package. 00:00:13
00:02:01 Cutaway 00:00:07
00:02:08 SOUNDBITE (in English) by Jörg Asmussen, Member of the Executive Board of the ECB: We, as ECB , specially welcome the agreement to restore the health of the Cypriot financial sector since now the program is the best way to safeguard financial stability to Cyprus and the Euro-area as a hole. 00:00:20
00:02:28 Cutaway 00:00:06
00:02:34 SOUNDBITE (in English) by Klaus Regling, ESM Managing Director: Once the MFF stands ready to execute the first disbursement for Cyprus, quickly it will have two parts, the large part for banks and as we did in the case of Spain or Greece we can transfer the funds to banks in the form of bones and bills. In other part of the program of course will be in cash for budgetary financing. These disbursements for budgetary financing will be face over three years and it will be quotably payments. 00:00:37
00:03:11 Departure of the speakers 00:00:23
00:03:34 END 00:00:00
Audiovisual Services
European Commission
ec.europa.eu/avservices
 
Conditions of use
© European Union, 2014