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Crucial week in euro zone debt crisis


Crucial week in euro zone debt crisis


European leaders are considering what steps to take to contain the region’s debt crisis and stop Greece’s problems engulfing other countries.

Lawmakers in the Netherlands, Finland and Germany vote this week on whether to approve more aid money for Athens which will run out of money in early October:

Economist Vangelis Agapitos in Athens said: “I think our European partners and Germany in particular, want additional assurances that Greece will deliver on its promises as agreed on the 21st of July of this year, while at the same time Greece needs to have the comfort that Europe will be on time to provide any further instalments.”

In the longer term, it has been suggested that European Central Bank money be pumped into the European Financial Stability Facility, the euro-zone’s bailout fund.

Jean-Claude Trichet, head of the European Central Bank met with the Greek Finance Minister Evangelos Venizelos, together with International Monetary Fund Chief Christine Lagarde at the IMF’s annual meeting in Washington.

Venizelos has dismissed reports that he discussed with them a scenario of an orderly default on its debts by Athens.

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