Mr Rehn said that "A sustainable recovery in the Spanish economy requires a healthy, well regulated and effectively supervised banking sector, able to underpin balanced growth and job creation."

José Manuel Durão Barroso President of the European Commission Statement by President Barroso following his meeting with Boyko Borissov, Prime Minister of Bulgaria Joint press conference/Sofia 31 August 2012

In August the Economic Sentiment Indicator (ESI) decreased markedly by 2.0 points in the EU and by 1.8 points in the euro area. In both areas, the loss in confidence was particularly strong among consumers, retail trade and construction managers. In the services sector the loss in confidence was marked in the euro area but more contained in the EU as a whole. While confidence in industry decreased in the EU, it remained broadly stable in the euro area. The Business Climate Indicator (BCI) for the euro area edged up by 0.08 points.

"What distinguishes this crisis from previous ones in history is that we have the European Union as our shield that can protect us from these storms. In fact, we are already more integrated than before. All the steps so far taken to combat the crisis have resulted in more European integration, not less."

The teams said that the Greek authorities are committed to proceeding with determination in their work over the next month, and the EC/ECB/IMF staff teams expect to return to Athens in early September to continue the discussions

''The pursuit of these priorities will make an important contribution to the broader reforms to which Greece is committed within the MoU and which are needed to boost growth and employment. We now expect determined implementation of all of Greece's reform commitments in full respect of Union law, and in particular Single Market rules. Where relevant, the Commission Task Force will provide assistance."