Finance ministers of the 17-member Eurozone began Friday a meeting to decide on new rescue money for Greece and on the new 440 billion euro EU bailout fund.
The President of the Eurogroup Jean-Claude Juncker told reporters as he arrived for the meeting that the delay to resolve te thdebt crisis “creates a disastrous image of the eurozone to the outside world.” “We will see with the other members how to change the look of the outside world upon us,” he added.
EU Commissioner for economic affairs Olli Rehn said “we need a comprehensive package of easures including a sustainable solution on Greece, to contain contagion and also a coordinated approach on a bank recapitalisation exercise.”
On Saturday the finance ministers of the 27-member EU will meet, and EU leaders will hold a summit meeting on Sunday, and probably another crisis summit early next week.
The second summit was made necessary after France and Germany said that a deal would not be reached in time for the Sunday summit. French finance minister Fran\ois Baroin told reporters that the position of France is to provide a solution that stabilises the euro area.
Christine Lagarde, IMF General Director who is participating in todaay’s meeting said the IMF will do all it can to help the Europeans and especially on the Eurogroup to find solutions.
On his part Wolfgang Schuble, German Finance Minister said “we have a responsibility for Europe, for the Eurozone but also for the global economy.”
“We must work within the G20. We must find answers before the meeting in Cannes. The situation is sufficiently serious and tense,” he warned.