15 February, 2011
The economic stabilisation programmes of Greece and Ireland were among the issues discussed at yesterday’s Eurogroup meeting in Brussels, according to press reports
As regards Greece in particular, EU Commissioner for Monetary Affairs Olli Rehn and European Central Bank Governor Jean-Claude Trichet recognised that in 2010 all that was anticipated by the memorandum for the € 110 bln loan package was implemented in a very satisfactory way, adding that legislative changes must continue in 2011.
Speaking to reporters
, ahead of the meeting, Finance Minister George Papaconstantinou referred to the unprecedented reduction of Greek fiscal deficit by 6% last year, while he expressed hope that progress will be made towards agreeing on a total package to bring stability in the Eurozone and resolve current problems.
Eurozone Finance ministers agreed yesterday
that a permanent rescue mechanism to be set up from 2013 would total € 500 billion. The new fund, the European Stability Mechanism (ESM) will be part of a "comprehensive package" of measures European leaders are to discuss and decide upon at the next EU summit, in March.
Source: GREEK NEWS AGENDA issued by the Secretariat Genera