Tuesday, February 7, 2012

finance ministers put off until next month a decision to give the green light to a rescue package of over ? 8 billion for Greece

finance ministers of the euro area have been postponed until next month a decision to give the green light to a rescue package of over ? 8 billion to Greece while recognizing that the government of Athens was considerable progress in reducing the country's debts.

Jean-Claude Juncker, Eurogroup President repeatedly said Tuesday morning that none of the countries in the region are calling for a moratorium Greek and categorically denied that there was no question of leaving the euro area of ??Greece.

In a motion to disappoint the markets, the 17 finance ministers have sent signals that he did not intend to agree to restart the bottom of the area ? 440 billion rescue near ? 2 billion or more defendants by investors and analysts at the forefront. EU officials reiterated that there was no "Plan B".

But Juncker and Olli Rehn, the European Economic and Monetary Affairs Commissioner said that the ministers had first discussed measures to improve the efficiency of rescue funds and to increase efficiency Fire power - source to increase the guarantees you need to buy more government bonds on the secondary market. Juncker said: "We believe that we in no way increase the volume of the fund."

dropped a hint that large private creditors would have to pay more than 21% "haircut" was agreed at the meeting held on July 21 that increasing the size of funds and approved the second ? 109bn bailout for Greece - come off as "technical" reasons.

Juncker and Olli Rehn acknowledged that Greece had made progress toward overcoming your debt and budget deficit, but said the government in Athens had to be stricter on structural reforms and more ambitious in the implementation of privatization.

Greece said on Sunday that its deficit from 8.5% of GDP this year, versus a target of 7.6% and 6.8% in 2012 compared to a target of 6, 5 %, but insisted that Venizelos had taken "all appropriate measures necessary and difficult to meet its obligations."

He said. "Greece is a country with structural problems, but Greece is not the scapegoat for the euro area" Still, anxiety about a lack of Greece sent the euro to a minimum of 10 Year high against the yen and a nine-month low against the dollar of the United States.

French President Nicolas Sarkozy, meanwhile, said he would meet with German Chancellor Angela Merkel in Berlin on Sunday to discuss "ways to accelerate economic integration in the euro area economy" .
Apparently, two politicians in the euro area are the most powerful set the stage for the crucial summit of the 17 member countries, to be held on October 18, or one day after a summit of 27 countries EU, including the United Kingdom.

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