EU sees Greek deal by weekend
By Robert Wielaard |
April 30, 2010, Friday
|
Print Edition
Print Edition
THE European Union said yesterday it expects to conclude talks with the International Monetary Fund and Greek officials on a deal to lift Greece out of its "debt spiral" by the weekend.
"I am confident the talks will be concluded in the next days," said EU Monetary Affairs Commissioner Olli Rehn.
He said in the past 10 days, European Commission, European Central Bank and the IMF experts "have worked extremely effectively and hard with the Greek government to work out a program ... to reverse the debt spiral of Greece and restore its overall economic competitiveness."
He said the negotiators, "working day and night," were nearing an agreement on "a multiannual program that will lead to a major fiscal and also structural adjustments" required to ease Athens' massive debt burden. Officials originally said it would be worth US$60 billion for the first year but there are now reports of a larger package over more years.
Rehn added a financial lifeline was being put together not just for Greece's sake "but also for every euro area member state and their citizens to safeguard the financial stability in Europe and globally."
Before Greece's partners hand over the cash, the EU, the IMF and Greek officials need to agree on a painful program of financial reforms.
When that is in place, there will be "a breathing space" for Greece from the pressure of financial markets where Athens' creditworthiness has tanked in recent days.
"Rehn's appearance means that we expect this deal to be wrapped at the weekend," said an EU official who asked not to be named.
"I am confident the talks will be concluded in the next days," said EU Monetary Affairs Commissioner Olli Rehn.
He said in the past 10 days, European Commission, European Central Bank and the IMF experts "have worked extremely effectively and hard with the Greek government to work out a program ... to reverse the debt spiral of Greece and restore its overall economic competitiveness."
He said the negotiators, "working day and night," were nearing an agreement on "a multiannual program that will lead to a major fiscal and also structural adjustments" required to ease Athens' massive debt burden. Officials originally said it would be worth US$60 billion for the first year but there are now reports of a larger package over more years.
Rehn added a financial lifeline was being put together not just for Greece's sake "but also for every euro area member state and their citizens to safeguard the financial stability in Europe and globally."
Before Greece's partners hand over the cash, the EU, the IMF and Greek officials need to agree on a painful program of financial reforms.
When that is in place, there will be "a breathing space" for Greece from the pressure of financial markets where Athens' creditworthiness has tanked in recent days.
"Rehn's appearance means that we expect this deal to be wrapped at the weekend," said an EU official who asked not to be named.
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