Lack of deal threatens the entire eurozone

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Eurozone leaders have hit out against the eurozone ministers for a failure to reach a deal to give Greece its latest bailout payment. Following almost twelve hours of talks in Brussels the Eurogroup said it needed more time for technical work.

Greek Prime Minister Antonis Samaras said, “It’s not only the future of our country, but the stability of the entire eurozone [that is at stake].”

“Greece did what it had to do, and what it had pledged to do… whatever technical difficulties in finding a technical solution do not justify any negligence or delay.”

The ministers are due to meet again next week to decide whether Greece will receive its second bailout worth 130 billion euros.

French Finance Minister Pierre Moscovici stated that the Eurozone, “would be threatened if we did not reach” a decision, however, “we are very close to a deal.”

“We have observed that Greece had made considerable efforts.”

The committee has been considering ways to reduce the debt of Greece which is estimated to rise to 189% of gross domestic product (GDP) by next year. Long term planning through the bailout program aims to get debt down to 120% of GDP by 2020.

Jean-Claude Juncker commented, “The Eurogroup has had an extensive discussion and made progress in identifying a consistent package of credible initiatives aimed at making a further substantial contribution to the sustainability of Greek government debt.”

Managing director of the International Monetary Fund (IMF), Christine Lagarde said, “We’re going to work very constructively to see if we can find a solution for Greece. That’s what really is our goal, our purpose and our mission.”

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