Eurogroup meeting: extracts arrivals and doorsteps
Lieu: Luxembourg (town), Luxembourg - Council
End production: 14/10/2013 First transmission: 14/10/2013
The Finance Ministers of the Eurogroup gathered today in Luxembourg, ahead of the EcoFin Council, to discuss a potential extension to Troika bailout programmes and the next steps of the banking union implementation.
Over the weekend, Irish leaders confirmed the country is on track to exit the EU-IMF bailout on Dec. 15 and may not need a so-called precautionary line of credit because it already has large amounts of cash on hand should any new crisis emerge from its bailout.
All Eurozone Member States are due to submit their detailed national budgets to the European Commission by 15 October.
Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
||Exterior view of the Council building - panoramic view of Member States' flags
||Arrival of Pierre Moscovici, French Minister for Economic Affairs and Finance (2 shots)
||Arrival of Fabrizio Saccomanni, Italian Minister for Economic Affairs and Finance - SOUNDBITE (Italian) on banking union and supervision (6 shots)
||SOUNDBITE (English) by Jörg Asmussen, Member of the Executive Board, European Central Bank: The mission to Greece to conclude the review is interrupted. It is up now to the Greek authorities to do what is needed that the review can be concluded. It is first and foremost important that they close the significant fiscal gap that is there for the next year. Second, the Eurogroup will have a first exchange of views on how to close the financing gap of the existing programme. It is not about a new programme, there is a financing gap in the second half of the second year. The financing gap is around five to six billion euros. It depends on how much the country will be able to privatize. So I cannot be more precise here. But we must find a way to close this financing gap and there is absolutely no way that it can be done in a way of roll-over bond or whatsoever which results in monetary financing. This is not possible for the ECB and not for the whole euro system.
||SOUNDBITE (English) by Jörg Asmussen: We also have positive news on Ireland. I would expect them that they can exit the programme also by the end of the year and then it is up to the Irish authorities to decide if they fully want to exit or if they want some support to smooth their market entry. That is up to them, but Ireland is a clear success story.
||Arrival of Paschal Donohoe, Irish Minister of State for European Affairs - SOUNDBITE (English): our clear commitment at the moment is to deliver a budget tomorrow that meets all of the commitments that we have. We have just completed our 11th review with the Troika in relation to that. That budget will be announced tomorrow. When that is complete, the government will then be engaging with the Troika to evaluate all options in relation to exiting our bailout programme. Our commitment is to sustainably and fully exit from the programme. Developments within our economy at the moment are underpinning us. We are seeing the first clear signs of job creation within the private sector and we are seeing our economy again and again, due to the sacrifices of the Irish people, meet the budgetary targets that we have. (2 shots)
||SOUNDBITE (English) by Paschal Donohoe: We have our asset quality review which is underway and will be concluding later on in the year to look at the quality of assets on our banking sheet and the balance sheets of our banks. We will then be participating in a stress test in proximity to the European-wide process next year. Our banks are well capitalized. They have been well scrutinized. We will be participating fully in the process that is under way at the moment.
||Paschal Donohoe entering the Council building (2 shots)
||Arrival of Ioannis Stournaras, Greek Minister for Finance (2 shots)