Eurogroup Chairman hoped that the second Greek rescue is unlocked on Monday

| February 16, 2012

Best Growth Stock – Eurogroup Chairman Jean-Claude Juncker, now entrusted to the ministers of euro zone finance approved on Monday the second bailout for Greece, but said it will require more discussion about increased surveillance of the implementation of measures adjustment and the agreed reforms.

“Based on the items that are currently on the table (…) I am confident that the Euro may take all necessary decisions on Monday, February 20,” Juncker said in a statement at the end of the conference call held today Finance ministers from the eurozone over Greece.

In that conversation, the Eurogroup found “significant progress” in the fulfillment by Greece of the conditions of the other 16 members of the euro in exchange for the second save of 130,000 million euros.

Juncker said that the Eurogroup has received “firm guarantees” of the leaders of the two coalition parties in the Greek Government, George Papandreou, the Panhellenic Socialist Movement (PASOK) – and Antonis Samaras, the conservative New Democracy (ND) – that apply cuts and reforms beyond the early elections scheduled for April.

In parallel, the “troika” (European Commission, IMF and European Central Bank) has completed and submitted to the ministers his analysis of Greek debt sustainability.

Juncker said in the statement that after identifying additional consolidation measures amounting to 325 million euros, has developed a “detailed list” of actions to be promoted by including a timetable for implementation.

However, given the doubts about the effective implementation by the Athens of the cuts and reforms, Juncker said needed “further considerations regarding the specific mechanisms” that will be introduced to “strengthen the supervision of the implementation of the ‘ and “ensure that priority is given to pay the debt.”

In the Eurogroup meeting in Brussels last Thursday, the European Commissioner for Economic Affairs, Olli Rehn referred to the idea put forward by France and Germany to create an escrow account to Greece in order to ensure repayment of its debt.

Category: Business News

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