Friday

14th Dec 2018

Van Rompuy: Eurozone will bail out Greece if needed

  • Van Rompuy (l) looked cold as he read out the short statement in several languages (Photo: consilium.europa.eu)

The European Union has formally stated what has been discussed in private for weeks: a bailout for Greece will be available if needed.

The announcement is designed to calm market jitters that have recently wreaked havoc on stocks and bonds in a number of weaker peripheral eurozone members.

Read and decide

Join EUobserver today

Support quality EU news

Get instant access to all articles — and 18 year's of archives. 30 days free trial.

... or join as a group

The EU's new permanent president Herman Van Rompuy made the statement on the steps of the Bibliotheque Solvay, and old library in a central Brussels park where EU leaders are meeting for an informal summit on economic issues on Thursday (11 February).

"Euro area member states will take determined and co-ordinated action if needed to safeguard financial stability in the euro area as a whole," he said.

The former Belgian politician also stressed that no aid would be immediately forthcoming, however. "The Greek government has not requested any financial support," he said.

Flanked by European Commission president Jose Manuel Barroso, Mr Van Rompuy said the EU fully supported the efforts of the Greek government in implementing a long list of austerity measures outlined in a plan last month.

"We call on the Greek government to implement all these measures in a rigorous and determined way," said Mr Van Rompuy. Athens intends to reduce its budget deficit by four percent this year after it reached 12.7 of GDP in 2009.

The commission is set to closely monitor Greece's implementation of the tough measures that led to strikes on Wednesday around the country.

The European Central Bank and the International Monetary Fund will also play a role in the tough surveillance.

"The commission will closely monitor the Greek implementation in liaison with the ECB, and will propose necessary additional measures, drawing on the expertise of the IMF," said Mr Van Rompuy.

Greens boycott EU-Morocco vote after lobbying expose

EUobserver has exposed Moroccan lobbying at the European Parliament, prompting a probe to be launched against several MEPs. The Greens have now decided to boycott next week's Morocco trade vote in protest, saying the lobbying investigation must be finished first.

News in Brief

  1. EU leaders endorse creation of eurozone budget
  2. Selmayr has no comment on MEPs' call to resign
  3. May had 'robust' discussion with Juncker
  4. UK to continue talks on EU 'assurances'
  5. EU invests €20m in AI software for self-driving cars
  6. Belgian PM 'not optimistic', urges 'no deal' Brexit preparedness
  7. Romanian president expects no Brexit summit in January
  8. Swedish MPs reject Lofven to lead new government

Stakeholders' Highlights

  1. International Partnership For Human RightsKyrgyz authorities have to immediately release human rights defender Azimjon Askarov
  2. Nordic Council of MinistersSeminar on disability and user involvement
  3. Nordic Council of MinistersInternational appetite for Nordic food policies
  4. Nordic Council of MinistersNew Nordic Innovation House in Hong Kong
  5. Nordic Council of MinistersNordic Region has chance to become world leader when it comes to start-ups
  6. Nordic Council of MinistersTheresa May: “We will not be turning our backs on the Nordic region”
  7. International Partnership for Human RightsOpen letter to Emmanuel Macron ahead of Uzbek president's visit
  8. International Partnership for Human RightsRaising key human rights concerns during visit of Turkmenistan's foreign minister
  9. Nordic Council of MinistersState of the Nordic Region presented in Brussels
  10. Nordic Council of MinistersThe vital bioeconomy. New issue of “Sustainable Growth the Nordic Way” out now
  11. Nordic Council of MinistersThe Nordic gender effect goes international
  12. Nordic Council of MinistersPaula Lehtomaki from Finland elected as the Council's first female Secretary General

Latest News

  1. EU leaders stuck on asylum reform
  2. Orban and other PMs spread fake news, says Juncker
  3. Fishing quota and no-deal Brexit preparation This WEEK
  4. Kosovo has right to own army, Germany and US say
  5. EU needs election-meddling stress tests
  6. Russian and US obstruction was 'insult' to climate scientists
  7. EU-27 unimpressed by May, offer little on Brexit
  8. Rutte: New EU sanctions are informal 'Magnitsky law'

Join EUobserver

Support quality EU news

Join us