Econonic Insight 15th Feb 2010
Start date: 15/02/2010
There was, perhaps surprisingly, no confirmation of a specific Greek bailout at last week’s summit meeting of the Council pof the European Union. There was however an “Agreement to support Greece” which included the following:1
“EU heads of state and government have pledged to help Greece tackle its debt crisis, if needed. …They issued a statement stressing both responsibility by the Greek Government and EU solidarity. The Greek government is determined to improve the country’s public finances and aims to reduce the budgetary deficit by 4% in 2010. It has not requested any financial support. The (EU) leaders expressed a strong political commitment to take determined and coordinated action if necessary. ‘This agreement is the expression of a clear political will, and it is a political message that we wanted to send out today’ said Herman Van Rompuy.”