At long last, an official release on the Greek bailout and … it’s something of anti-climax.
Statement by the Heads of State or Government of the European Union:
All euro area members must conduct sound national policies in line with the agreed rules. They have a shared responsibility for the economic and financial stability in the area.
In this context, we fully support the efforts of the Greek government and their commitment to do whatever is necessary, including adopting additional measures to ensure that the ambitious targets set in the stability programme for 2010 and the following years are met. We call on the Greek government to implement all these measures in a rigorous and determined manner to effectively reduce the budgetary deficit by 4% in 2010.
We invite the Ecofin Council to adopt at its meeting of the 16th of February the recommendations to Greece based on the Commission’s proposal and the additional measures Greece has announced.
The Commission will closely monitor the implementation of the recommendations in liaison with the ECB and will propose necessary additional measures, drawing on the expertise of the IMF. A first assessment will be done in March.
Euro area Member states will take determined and coordinated action, if needed, to safeguard financial stability in the euro area as a whole. The Greek government has not requested any financial support.
And that is it.
If it’s details that you want then we suggest following the wires.
Here’s the latest from Reuters:
PURCHASES OF GREEK BONDS BY EURO ZONE STATE-OWNED BANKS IS ONE OF OPTIONS CONSIDERED IN EU PLAN TO SUPPORT GREECE-EU SOURCE
EUROGROUP ON MONDAY TO DISCUSS DIFFERENT OPTIONS OF SUPPORT FOR GREECE -EU SOURCE
SUPPORT OPTIONS FOR GREECE COULD VARY FROM COUNTRY TO COUNTRY -EU SOURCE
GREEK SUPPORT MECHANISM COULD BE STRUCTURED IN STAGES DEPENDING ON LEVEL OF NEED -EU SOURCE
OBSTACLE TO MORE DETAILED AGREEMENT ON GREECE SUPPORT NOW IS LACK OF GERMAN JUNIOR COALITION PARTNER CONSENT-EU SOURCE
COUNTRIES COULD PARTICIPATE IN SUPPORT FOR GREECE ACCORDING TO THEIR WEIGHT IN EURO ZONE -EU SOURCE
Related links:
Delicious Greek ironies – Money Supply
Eurozone leaders back Greek rescue plan – FT