Van Rompuy believes that the EU has reached a turning point in the crisis

| March 10, 2012

The European Council President, Herman Van Rompuy said today that the agreement to provide a second bailout for Greece, to 130,000 million euros, has reached “a turning point” in the sovereign debt crisis.

In an interview with the Belgian financial newspaper Dutch “De Tijd” Van Rompuy said that “problems have not yet finished, but the worst of the crisis is over.”

Van Rompuy was so optimistic in the first interview since he was reelected president of the European Council for another term, until 2014, while acknowledging that there have been times when “we have all felt fear.”

Flemish politician, former Prime Minister of Belgium, referred specifically to the final stage last year, in which he admitted he had to make a real effort to believe that the crisis could reach “a good end.”

He advocated to continue cleaning up the economy and stated that “we must pass this difficult time in which we are paying for the mistakes of the past.”

On the criticisms that accuse him of being a little passionate politician, Van Rompuy said to be judged “by their ability to maintain the euro area and not bound by his charisma.”

Van Rompuy statements occurring after yesterday finance ministers of the euro area determinated in a conference call that Greece has fulfilled all the conditions necessary to receive a multi-second save after completing the exchange of bonds and do all your homework.

The Eurogroup was pleased with the large private sector participation in the tender for redemption of bonds which will realize the cancellation of 53.5% of the nominal value of Greek debt, allowing Athens to reduce the debt held by private holders at about 107,000 million.

The first bailout, approved in May 2010, there are still 34,400 million euros, so that, in fact, the second program is EUR 164 400 million.

Category: Business News

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