European Informal Council and Eurozone Summit, Brussels, 26/10/2011

Type: Best-of   Reference: I-071315   Duration: 10:21:39  Lieu:
On 26 October 2011, the European leaders gathered in Brussels for a summit, designed to end Greece's debt crisis and prevent it from spreading to the eurozone. They agreed that the Member States of the Euro zone will contribute to the Private Sector Involvement package up to 30 billion euro. The nominal discount will be 50% on notional Greek debt held by private investors. They also agreed on the optimisation of the resources of the European Financial Stability Facility (EFSF). The options agreed will allow the EFSF resources to be leveraged. A comprehensive set of measures to raise confidence in the banking sector has also been found by facilitating access to term-funding through a coordinated approach at EU.

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TIME DESCRIPTION DURATION
10:00:00 Credits and title 00:00:20
10:00:20 1.ARRIVALS 00:15:57
10:00:20 Title 00:00:05
10:00:25 Arrival of Jean-Claude Juncker, Luxembourgish Prime Minister and President of the Eurogroup, and soundbite (in GERMAN) saying that today, they have to take the last decisions. They probably won't be able to formulate every last detail, but the general course must be ultra clear (2 shots) 00:00:36
10:01:01 Arrival of Jyrki Katainen, Finnish Prime Minister and soundbite (in ENGLISH): hopefully, we can agree on the issue which relates to the firewall like recapitalization scheme and how to make EFSM (European Financial Stability Mechanism) more efficient. Those are the two most important things because we have to make sure that the other countries and the financial institutions do not suffer from any particular reason (4 shots) 00:00:47
10:01:49 Arrival of Helle Thorning-Schmidt, Danish Prime Minister (3 shots) 00:00:22
10:02:11 Arrival of Angela Merkel, German Federal Chancellor, and soundbite (in GERMAN) saying that this is a very important summit today, they still have to solve a lot of problems and to hold a lot of negotiations. So, the work is not already done but she thinks they are on the right track and they will achieve a good part of the work today (7 shots) 00:00:37
10:02:48 Arrival of Christine Lagarde, Managing Director of the International Monetary Fund (IMF), and soundbite (in FRENCH) saying that they are going to work hard and everyone intends to do with a great deal of goodwill (2 shots) 00:00:23
10:03:11 Valdis Dombrovskis, Latvian Prime Minister (3 shots) 00:00:21
10:03:32 Arrival of David Cameron, British Prime Minister, and soundbite (in ENGLISH): it is in British interests that we actually solve this crisis; some of the issues we will be discussing this afternoon are directly relevant to Britain in terms of strengthening banks across Europe but in any event we need to have the greatest possible support for the most comprehensive solution possible and that is what we will be discussing tonight (5 shots) 00:00:36
10:04:09 Dalia Grybauskaitė, President of Lithuania (5 shots) 00:00:17
10:04:27 Traian Băsescu, President of Romania (5 shots) 00:00:15
10:04:42 Viktor Orbán, Hungarian Prime Minister (5 shots) 00:00:28
10:05:11 Pedro Passos Coelho, Portuguese Prime Minister (5 shots) 00:00:19
10:05:30 Nicolas Sarkozy, President of the French Republic (6 shots) 00:00:31
10:06:01 Petr Nečas, Czech Prime Minister (3 shots) 00:00:18
10:06:19 Arrival of George Papandreou, Greek Prime Minister, and soundbite (in ENGLISH): our challenge today is not simply to save the Euro, it is to safeguard the ideals we cherish so much in Europe: peace and cooperation amongst our nations, social cohesion and solidarity without prejudice amongst our people, and from our side, Greek people are making a super-human effort to put our house in order, to make our economy confident, viable, prosperous and create a better future for Greece and the Greek people. Now is the time for the European leadership collectively to take decisions to end the uncertainty, end the crisis, turn the page and make sure we make a big step forward for a better future, for prosperity and security of our peoples in Europe (6 shots) 00:01:17
10:07:37 Soundbite by Fredrik Reinfeldt, Swedish Prime Minister (in ENGLISH): I think it is very important to say that we believe that the problems we have in Europe are not related to the Euro or to only the Eurozone, it is more related to individual countries with structural problems with debt crisis that we have seen built up for a long time. It needs to be addressed individually, on these countries. We have seen that in Ireland, in the Baltic States. If the Eurozone wants to have deeper discussions, of course, it is very good for them but Sweden wants to be part of the discussions when it relates to the banking sector, for instance (2 shots) 00:00:45
10:08:22 Arrival of Mark Rutte, Dutch Prime Minister and soundbite (in DUTCH) saying that: he is here to find practical solutions and not rickety compromises because in that case they won't move forward. Of course they will discuss about Greece and they will try to make the Greek debt situation manageable. They also have to discuss about banks and how to make it strong enough. The European Financial Stability Facility has to be strong enough in order to show the markets that they stand behind Euro and their currency. Most important they have to work to avoid similar scenario in the future and that things are under surveillance, agreements should be respected as well (3 shots) 00:01:10
10:09:33 Boyko Borissov, Bulgarian Prime Minister (3 shots) 00:00:16
10:09:50 Demetris Christofias, President of Cyprus (4 shots) 00:00:21
10:10:11 José Manuel Barroso, President of the EC (5 shots) 00:00:19
10:10:30 Soundbite by Yves Leterme, acting Belgian Prime Minister (in FRENCH) saying that he thinks they will find a definitive solution for Greece as it is very important. On the one hand, they need to ask a voluntary effort from banks in order to reduce Greek debt, and on the other hand the European Financial Stability Facility should allow Greece to have access to credit at affordable rates (3 shots) 00:00:29
10:10:59 Iveta Radičová, Slovak Prime Minister (5 shots) 00:00:23
10:11:23 Donald Tusk, Polish Prime Minister (4 shots) 00:00:21
10:11:44 Silvio Berlusconi, Italian Prime Minister (6 shots) 00:00:23
10:12:08 Borut Pahor, Slovenian Prime Minister (2 shots) 00:00:16
10:12:24 Soundbite by Werner Faymann, Austrian Federal Chancellor (in GERMAN) saying that it is a good thing that this rests upon a voluntary basis because nothing is defined yet. It is far from reassuring for the market to hold a summit every 36 months. They should make better use of European Financial Stability Facility to protect them from debt situations (2 shots) 00:02:42
10:15:06 Lawrence Gonzi, Maltese Prime Minister (3 shots) 00:00:12
10:15:18 Arrival of José Luis Rodríguez Zapatero, Spanish Prime Minister, and shaking hands with Herman van Rompuy, President of the European Council and President of the Eurozone (2 shots) 00:00:10
10:15:28 Arrival and soundbite by Enda Kenny, Irish Prime Minister saying that (In ENGLISH):obviously, we identified a number of fundamental issues at last Sunday's meeting; intensive discussion have taken place between then and now and I hope that the conclusions of this evening's meeting as we have progressed to a point where there is a clear intent to deal with the euro zone crisis and look forward to contributing to that debate in the most comprehensive way (5 shots) 00:00:48
10:16:17 2.ROUND TABLE 00:02:30
10:16:17 Title 00:00:05
10:16:22 Arrival of José Luis Rodríguez Zapatero and shaking hands with Herman van Rompuy (2 shots) 00:00:15
10:16:37 Silvio Berlusconi and Viktor Orbán 00:00:02
10:16:40 Silvio Berlusconi and José Luis Rodríguez Zapatero 00:00:04
10:16:45 Helle Thorning-Schmidt 00:00:04
10:16:50 Arrival of Mark Rutte and shaking hands with Herman van Rompuy 00:00:05
10:16:55 Arrival of George Papandreou and shaking hands with Herman van Rompuy 00:00:07
10:17:03 Silvio Berlusconi and José Luis Rodríguez Zapatero 00:00:10
10:17:13 Jean-Claude Juncker, Iveta Radičová and Helle Thorning-Schmidt 00:00:06
10:17:20 Arrival of David Cameron and shaking hands with Herman van Rompuy (2 shots) 00:00:07
10:17:27 Helle Thorning-Schmidt and George Papandreou (2 shots) 00:00:09
10:17:36 José Manuel Barroso 00:00:05
10:17:42 Jean-Claude Juncker and Demetris Christofias 00:00:05
10:17:48 David Cameron and Mark Rutte 00:00:05
10:17:54 Donald Tusk, Petr Nečas, Yves Leterme and Viktor Orbán 00:00:05
10:17:59 Joint arrival of Angela Merkel and Nicolas Sarkozy and shaking hands with Herman van Rompuy (2 shots) 00:00:25
10:18:25 Angela Merkel shaking hands with Silvio Berlusconi 00:00:04
10:18:29 General view of the meeting 00:00:04
10:18:34 Angela Merkel and Jean-Claude Juncker 00:00:04
10:18:39 General view of the meeting 00:00:07
10:18:47 Title 00:00:00
10:18:47 3.EXTRACTS FROM THE PRESS CONFERENCE 00:03:02
10:18:52 Joint arrival of Herman van Rompuy and José Manuel Barroso to the press conference (3 shots) 00:00:19
10:19:11 Soundbite by Herman van Rompuy (in ENGLISH): it also includes a voluntary contribution by private creditors who had lent to Greece. It was agreed by them tonight and amounts to a nominal discount of 50 pct on notional Greek debt. 00:00:16
10:19:28 Cutaway of cameramen 00:00:04
10:19:32 Soundbite by José Manuel Barroso (in ENGLISH): we have agreed to endorse two options for leveraging the EFSF. Together, these will allow us to more effectively prevent contagion. I have long insisted on the necessity to equip the EFSF with adequate flexibility and resources, so I am particularly pleased with this decision. 00:00:19
10:19:51 Cutaway of the audience 00:00:03
10:19:54 Soundbite by Herman van Rompuy (in ENGLISH): we foster confidence in the European banking sector. We approved a co-ordinated scheme to recapitalise banks across Europe. The ratio of highest quality capital will be increased to 9%. This will enable the banks to withstand shocks important in the current exceptional circumstances. 00:00:23
10:20:18 Cutaway of photographers 00:00:05
10:20:24 Soundbite by José Manuel Barroso (in ENGLISH): and the Commission will make further proposals for a Community way out of this crisis. Next week, we will be able to show our partners in the G20 that Europe is able to do that: an agreement to conclude measures to restore confidence in the European banking sector; ensuring the adequate firewalls; accelerating our ambitious agenda for growth; and further strengthening economic surveillance and coordination. To show our partners and our citizens that we are ready to complete our monetary union with a true economic union. 00:00:35
10:20:59 Cutaway of a photographer 00:00:04
10:21:03 Soundbite by José Manuel Barroso (in ENGLISH): there are here several measures and commitments and there is afterwards, a task given to the Commission and the Italian authorities to provide all the necessary data for this implementation. So indeed, the key is implementation. 00:00:19
10:21:22 Departure of José Manuel Barroso and Herman van Rompuy 00:00:16
10:21:39 Copyright 00:00:10
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